WeWork Facing Financial Difficulties, Discusses SPAC Merger... "Attempting Backdoor Listing"
[Asia Economy Reporter Yujin Cho] WeWork, which failed its initial public offering (IPO) two years ago, is reportedly discussing receiving investment from a special purpose acquisition company (SPAC), Bloomberg reported on the 28th (local time).
The report stated that WeWork, struggling with management difficulties due to the failed listing, is considering a backdoor listing through a merger with a SPAC linked to Bau Capital Management.
Bau Capital is a company operated by Vivek Ranadiv?, owner of the NBA's Sacramento Kings and founder of TIBCO Software.
During this investment round, WeWork was valued at $10 billion. This is about one-fifth of the $47 billion valuation during its 2018 IPO attempt.
WeWork's IPO was canceled in 2019 due to governance and accounting fraud issues revealed during the process, and its founder, CEO Adam Neumann, resigned in disgrace amid controversy over misappropriation.
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At one point, facing bankruptcy due to cash shortages, WeWork has been laying the groundwork for recovery by implementing intensive restructuring following investment from SoftBank.
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