October 1, 2019
WeWork said Monday it would scrap plans for an initial public offering this year, moving to withdraw the registration statement it submitted to the SEC in August. The news comes a few days after co-founder Adam Neumann stepped down as the company’s CEO.
In a statement, co-CEOs Artie Minson and Sebastian Gunningham said, “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong. We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders.
“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.
WeWork’s initial plans to go public occurred against the backdrop of a private valuation of $47 billion. Questions about the company’s finances and governance emerged following the August 14 filing of its registration statement.
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