After a two-year wait, coworking office space provider WeWork will be able to start trading its shares on the New York Stock Exchange around October 21, Bloomberg reports.
BowX, the special purpose acquisition company (SPAC) that’s set to acquire WeWork, said its shareholders will meet virtually on October 19 to vote on the plan. The deal’s expected to close on or about October 21, subject to shareholder approval. If successful, the shares will be listed under the ticker “WE.” BowX currently trades at $9.99, a little less than its initial listing price and down from the high mark of $13.71 in April when it announced it was merging with WeWork.
WeWork and BowX’s announcement came almost two years after the flexible office space provider’s initial plans to go public failed. The combination of WeWork’s proposed valuation, alleged conflicts of interest and investors’ hesitancy due to the company’s losses and questions about its corporate governance led to the initial public offering (IPO) being cancelled in October 2019. Then Chief Executive Adam Neumann resigned around this time.
Bloomberg earlier reported that a WeWork spokeswoman said the timing for its NYSE listing depended in the Securities and Exchange Commission (SEC), as delays have been going for months at the agency. Companies like Robinhood Markets, Inc. Coinbase Global Inc. and Affirm Holdings have also pushed back their listing dates.
Delays notwithstanding, it appears it’s a matter of when WeWork will be a publicly traded company rather than if which hasn’t been the case in two years. Investors hope that this most recent run at going public is a redemption story for the coworking firm. After the failings of 2019, WeWork has a new CEO, reduced its staff, and now promotes itself as a flexible office environment that’s a good fit for the post-COVID-19 pandemic return to the office.
WeWork and BowX planned to complete their merger by the end September, but the regulatory process pushed the date to next month, Bloomberg reports.
Joe Dyton can be reached at email@example.com.