Market Overview

WeWork Withdraws IPO

WeWork Withdraws IPO

WeWork announced Monday that it will withdraw its S-1 filing as it seeks to postpone its initial public offering.

WeWork had filed S-1 paperwork Aug. 14 and had planned to list on the Nasdaq.

“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” co-CEOs Artie Minson and Sebastian Gunningham said in a joint statement.

“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." 

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The company's co-founder Adam Neumann stepped down from the position of CEO Tuesday, Sept. 24. 

Related Links:

'Smoke And Mirrors': CNBC Guests Struggle To Find Anything Positive To Say About WeWork

WeWork's We Company To List On Nasdaq

Photo courtesy of WeWork. 

Posted-In: WeWorkNews IPOs Best of Benzinga


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