Two years later, WeWork attempts debut No 2
ABC News
WeWork will become a publicly traded company Thursday after a spectacular collapse during its first attempt to do so two years ago
WeWork will become a publicly traded company Thursday after a spectacular collapse during its first attempt to do so two years ago.
WeWork is emerging more than a year into a pandemic that closed millions of square feet off office space and the hope is that a work environment turned upside down is the ideal time for a company that sells shared workspace to thrive.
WeWork leases buildings and divides them into office spaces to sublet to members, which include small businesses, start-ups and freelancers who want to avoid paying for permanent office space. But over time its operating expenses became exorbitant and it relied on repeated cash infusions from private investors.
The New York City company closed its agreement to merge with BowX Acquistion, a special purposes acquisition company, on Wednesday. SPACs are groups of investors that band together to speed a company to a public listing, usually at the expense of transparency for outside investors.
