After its planned 2019 initial public offering went down in a spectacular fireball, WeWork on Thursday finally became a listed company. It completed its merger with blank-check vehicle BowX Acquisition on Wednesday, and the shares opened at around $11 apiece on the New York Stock Exchange the next morning, up 10% from the illustrative level when the SoftBank Group-backed office-sharing outfit struck its merger deal back in March. It gives WeWork an equity value just shy of $9 billion.
office-sharing outfit struck its merger deal back in March. It gives WeWork an equity value just shy of $9 billion.
The company has already been through a reset since the debacle two years ago, when a crazy private-market valuation of $47 billion, combined with huge cash burn and an overweening figurehead, Adam Neumann, brought WeWork’s IPO to a dramatic halt. SoftBank ousted Neumann and rescued the group. Unlike some businesses that go public by merging with special-purpose acquisition companies, WeWork, now run by Sandeep Mathrani, has already had its baptism of fire.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WeWork Shares Rise on First Day of Trading, Two Years After Failed IPOThe shared-office company, which combined with a SPAC, has closed locations, renegotiated leases and cut thousands of jobs to reduce expenses during Covid-19.
Read more »
WeWork debuts on the public markets after SPAC merger, stock up in early tradingThe office-leasing company halted initial plans for an IPO in 2019 after investors raised concerns over its business model and then-CEO Adam Neumann.
Read more »
'Dancing With The Stars' Pro Cheryl Burke Opens Up About Her AddictionShe's been sober for three years.
Read more »
Human Remains Found Near Items Belonging To Brian Laundrie, FBI Confirms“Articles” belonging to Brian Laundrie were located in the Florida park where Laundrie, who is a person of interest in the homicide of his fiance Gabby Petito and has a federal arrest warrant out for him, is believed to be hiding
Read more »
WeWork debuts on the public markets after SPAC merger, stock up in early tradingThe office-leasing company halted initial plans for an IPO in 2019 after investors raised concerns over its business model and then-CEO Adam Neumann.
Read more »
WeWork’s Ousted Cofounder Adam Neumann Regains Billionaire Status As Company Goes Public Via SPACChastened cofounder Neumann—no longer an executive at WeWork—retained a stake in the office rental company and has received fat separation payouts.
Read more »