WeWork to withdraw IPO, ‘focus on our core business’

This translation has been automatically generated and has not been verified for accuracy.WeWork’s parent The We Company said on Monday it will file to withdraw its initial public offering, a week after the SoftBank-backed office-sharing startup removed founder Adam Neumann as its chief executive officer.

WeWork’s decision to pull its IPO was widely expected, after the company postponed the share sale earlier in September, following push-back from perspective stock market investors over its widening losses and Neumann’s unusually firm grip on the company. SoftBank, which owns nearly a third of We Company, invested in the startup at a $47 billion valuation in January. But investor skepticism led to it earlier this month considering a potential IPO valuation of as low as $10 billion, Reuters reported.“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” WeWork’s newly appointed co-CEOs Artie Minson and Sebastian Gunningham said on Monday.

“We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” Minson and Gunningham added. We Company had vowed to pursue the IPO and complete the share sale by the end of the year, after Neumann stepped down as CEO. However, sources had told Reuters last week that the IPO was unlikely to be completed this year.

globebusiness This business will never succeed because we all know millennials HATE to work!!!

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Nasdaq cracks down on IPOs of small Chinese companiesThe exchange is tightening restrictions and slowing down their approval, according to regulatory filings, corporate executives and investment bankers. globeinvestor US trying ever so hard to stifle silence or shall we say annihilate the Chinese.
La source: globeandmail - 🏆 5. / 92 Lire la suite »

Scheer to visit oil-services company in Edmonton as Singh lingers in B.C.Conservative Leader Andrew Scheer and NDP Leader Jagmeet Singh kept their campaign machines rolling Saturday -- and they focused their efforts on their parties' historic strongholds. ZERO seats for NDP in Alberta for sure Yeah he is 'lingering' to campaign among the people not the rich elite in Alberta. when will you be showing the new Trudeau video?
La source: CTVNews - 🏆 1. / 99 Lire la suite »