WeWork to Withdraw S-1 Registration Statement, Bonds Plunge
Posted on 09/30/2019
On September 30, 2019, WeWork will file a request to withdraw the Registration Statement on Form S-1 that was initially filed with the Securities and Exchange Commission on August 14, 2019.
WeWork’s CEO stepped down earlier. WeWork’s new Co-CEOs Artie Minson and Sebastian Gunningham said in a press release, “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.”
The WeWork 2025 Bond Price fell below 86.375 after the announcement of the IPO withdrawal. At its burn rate, WeWork is running out of money.
Keywords: The We Company.