How might the listing under two separate ticker symbols (HVMC and HVMCW) influence trading volume and price discovery for the securities?

The split‑listing will effectively create two liquidity pools that feed off the same underlying equity but behave like distinct securities. When the Class A shares (HVMC) and the detachable warrants (HVMCW) begin trading separately, the aggregate daily volume is likely to exceed the volume that the combined unit (HVMCU) could generate on its own, because investors can now target the exposure they want—plain equity, leveraged upside, or a “synthetic” position through the warrant. In practice you’ll see a surge in order flow on the first trading day for each ticker as market makers unwind the bundled unit, and the combined order‑book depth will be distributed between the two symbols. The result is tighter bid‑ask spreads for the more‑active side (usually the common share) and a wider spread for the warrant, which is typical for higher‑leverage instruments.

From a price‑discovery standpoint, HVMC will reflect the company’s fundamentals, earnings guidance, and sector sentiment, while HVMCW will price in the same fundamentals plus the time value, volatility, and strike price of the warrant (‑$11.50 exercise). This creates a built‑in “synthetic‑stock” relationship: the theoretical fair‑value of HVMCW ≈ (HVMC – $11.50) × Δ + time premium, where Δ is the delta of the warrant. Traders will monitor the spread between HVMC and HVMCW for arbitrage opportunities, especially if the warrant trades materially out of line with its Black‑Scholes implied volatility. Early‑stage volatility in HVMCW is often higher, so expect larger price swings and more pronounced intraday spikes that can spill over into HVMC as participants hedge or unwind positions.

Actionable take‑aways
1. Watch the opening volume – the combined volume of HVMC + HVMCW should be a leading indicator of market interest. A thin order book on HVMCW may signal pricing inefficiencies you can capture with a spread trade (long HVMC, short HVMCW or vice‑versa).

2. Use warrant pricing models – compute the implied volatility and delta of HVMCW; if the warrant trades at a discount to its fair value, consider a leveraged long position via the warrant, but hedge delta exposure with HVMC shares.

3. Set tight limit orders on HVMC – higher liquidity means narrower spreads; you can enter the equity more efficiently than the warrant. Conversely, place wider limits or market‑maker‑type quotes on HVMCW to accommodate its broader spread.

4. Monitor news and sector moves – any fundamental catalyst for Highview Merger Corp. will be reflected first and more cleanly in HVMC; the warrant price will react with an amplified move, offering a short‑term directional play.

Overall, the dual‑ticker structure should boost total trading activity, create clearer price signals for each instrument, and open up arbitrage and leveraged‑exposure strategies for disciplined traders.