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WeWork Listing Is Poised to Slide to the Fourth Quarter




  • In Business
  • 2021-09-15 01:19:03Z
  • By Bloomberg
 

(Bloomberg) -- WeWork's long-awaited public listing is likely to slip to the fourth quarter, according to a person familiar with the company. The embattled co-working startup, which is planning to go public via a merger with BowX Acquisition Corp., had said in March that the $9 billion deal would close by the third quarter of 2021.

The delay could push the listing to late October and comes as WeWork's team is responding to comments from the Securities and Exchange Commission, said the person, who asked not to be identified discussing private information. A different person familiar with the situation said that WeWork could still make the end of September target.

A WeWork spokeswoman said timing for the listing depended on the SEC. Delays at the agency have been an ongoing issue for companies going public in recent months. For example, Robinhood Markets Inc., Coinbase Global Inc. and Affirm Holdings Inc. all pushed back their desired listing dates.

A spokesman for the SEC didn't immediately respond to a request for comment.

WeWork chairman Marcelo Claure said Wednesday in an interview with Bloomberg Television that WeWork's New York Stock Exchange listing is "relatively close."

WeWork's path to a listing has taken a few twists. It originally filed for an initial public offering in August 2019, but ended up shelving it late the following month. In between, it removed co-founder Adam Neumann as chief executive officer following unflattering revelations over growing losses, governance issues and personal conduct, including Neumann's marijuana smoking on an international flight.

Investors hope that WeWork's latest run at the public markets represents a redemption tale for the company. In the wake of WeWork's 2019 implosion, the company installed a new CEO and cut staff. More recently, it's pitched itself as a flexible office environment, ideally suited to the post-pandemic return to the workplace.

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