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WeWork debuts on the public markets after SPAC merger, stock up in early trading

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The office-leasing company halted initial plans for an IPO in 2019 after investors raised concerns over its business model and then-CEO Adam Neumann.

In October 2019, SoftBank agreed to spend $10 billion for an 80% stake in WeWork.

In March, WeWork agreed to the $9 billion SPAC merger with BowX Acquisition, a move that was finalized Oct. 20. As part of the deal, SoftBank retained a majority stake in the company but agreed to a one-year lock-up on their shares, according to a person familiar with the matter,SPACs, also known as blank-check companies, are set up for the sole purpose of raising money through an IPO and using that money to acquire an existing company.

 

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