WeWork Trading at $0.14 Files for 1-for-40 Reverse Stock Split to Maintain NYSE Listing Requirement of $1 Per Share, Market Value at $298 Million after $9 Billion IPO SPAC Merger in 2021
18th August 2023 | Hong Kong
WeWork trading at $0.14 (18/8/23) has filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting), with WeWork current market value at $298 million (18/8/23) after a $9 billion IPO SPAC Merger in 2021 (Special Purpose Acquisition Company). Earlier in August 2023, WeWork had submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.
” WeWork Trading at $0.14 Files for 1-for-40 Reverse Stock Split to Maintain NYSE Listing Requirement of $1 Per Share, Market Value at $298 Million after $9 Billion IPO SPAC Merger in 2021 “
WeWork $9 Billion IPO SPAC Merger in 2021 Currently Trading at $431 Million Market Value & Facing Restructuring Possibility, Submits Filing to United States SEC Including Statement on Company Ability to Continue
11th August 2023 – WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 is currently trading at $431 million market value & facing restructuring possibility. WeWork had submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.
WeWork Goes Public at $9 Billion Valuation with SPAC Merger
26th March 2021 – company based in New York, is going public at a $9 billion valuation in a merger with Special Purpose Acquisition Company (SPAC), BowX Acquisition Corp. The SPAC merger will raise $1.3 billion for WeWork with the merger expecting to close by Q3 2021.
SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.
WeWork to Receive $1.3 Billion
With the merger, WeWork will receive approximately $1.3 billion, with $483 million of cash from BowX and a fully committed $800 million private placement investment with key investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Centaurus Capital, and funds and accounts managed by BlackRock
In October 2020, BowX Acquisition Corp had gone public on NASDAQ and raised $420 million.
The merger is expected to be completed by Q3 2021. The combined company will have approximately $1.9 billion of cash on the balance sheet and total liquidity of $2.4 billion, including a $550 million senior secured notes facility provided by SoftBank Group.
WeWork
WeWork was co-founded by Adam Neumann in 2010 in New York, United States. The flexible office space company was later backed by one of the largest and prominent investor in the world, SoftBank Group. In 2019, the proposed and later aborted IPO had valued WeWork at more than $40 billion. Shortly after the aborted IPO, co-founder Adam Neumann stepped down as CEO.
Today, WeWork is led by CEO Sandeep Mathrani and WeWork is in 851 locations in 152 cities with more than 1 million workstations worldwide. In 2020, excluding China, WeWork recorded revenue of $3.2 billion.
Related:
- Facebook co-Founder Eduardo Saverin B Capital Creates SPAC to Raise $300 Million on NASDAQ
- Baidu IPO on Hong Kong Exchange, Price Remains Unchanged on Day 1
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
- Kuaishou IPO Rises 160% on Day 1, Raised $5.32 Billion
- Airbnb IPO Rises 112% on Day 1, Raised $3.5 billion
- DoorDash IPO Rises 85% on Day 1, Raised $3.3 billion
- JD Health IPO Rises 55% on Day 1, Raised $3.4 billion
- Ant Group $300 Billion Record IPO Suspended in both Shanghai and Hong Kong Exchange
- New York Stock Exchange Remains Market Leader for IPO in 2020, Raising $81.8 Billion
- NASDAQ Executed 300 IPOs in 2020, Raising $77.86 Billion
- Shanghai Stock Exchange is Now the World’s 3rd Largest Stock Exchange
Video – CNBC: WeWork CEO
Video – Bloomberg: Rise & Fall of WeWork
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit