LiveWire Names Ankura's Gallagher Chief Restructuring Officer After CEO Exit
LVWR has more than doubled off its 52-week low of $0.648 on light trading volume (0.3× avg).
Summary
LiveWire has put Ankura Consulting's Roy Gallagher in as chief restructuring officer and principal executive officer, reporting to a newly formed special restructuring committee. That follows CEO Karim Donnez's resignation last week and the 8-K filed this morning creating the committee. The company is a sub-$400M-market-cap electric motorcycle maker whose bikes get good reviews but lose out on price and range, and it only regained NYSE minimum-price compliance in August after a July delisting notice. Installing a restructuring specialist at the top of a money-losing spinoff is a strong tell that the board is weighing options beyond business as usual. Shares slipped about 2% on the news.
At the time of this announcement, LVWR was trading at $1.62 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $332.8M. The 52-week trading range was $0.65 to $6.20. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.