{"id":118648,"date":"2021-03-27T18:49:00","date_gmt":"2021-03-27T18:49:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118648"},"modified":"2021-03-27T18:49:00","modified_gmt":"2021-03-27T18:49:00","slug":"wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing\/","title":{"rendered":"WeWork agrees to $9B SPAC deal in push for stock-market listing"},"content":{"rendered":"

Wilbur Ross: SPACs are the new IPO <\/h2>\n

Former Secretary of Commerce Wilbur Ross provides insight into SPACs replacing IPOs and which industries are the future of the country.<\/p>\n

WeWork has agreed to sell itself in a blank-check deal that would result in the shared office space provider becoming a publicly traded company, almost two years after its initial public offering debacle.<\/p>\n

The planned merger with BowX Acquisition Corp., which is expected to close in the third quarter of this year, values WeWork at $9 billion including debt, much lower than the $47 billion at which the company was once valued.<\/p>\n

A TRUMP SPAC IS THE TALK OF WALL STREET<\/strong><\/p>\n

WeWork will receive $1.3 billion cash, including an $800 million private placement, to help fund its future growth plans. Investors include funds managed by Barry Sternlict's Starwood Capital Group and Fidelity Management.<\/p>\n

“This company is primed to achieve profitability in the short-term, but the added long-term opportunity for growth and innovation is what made WeWork a perfect fit for BowX,” said Vivek Ranadivé, chairman and co-CEO of BowX Acquisition Corp, in a statement.<\/p>\n

<\/picture>\n

Adam Neumann. (AP Photo\/Mark Lennihan, File)<\/span><\/p>\n

The deal comes 18 months after WeWork’s plans for an initial public offering collapsed due to investor concerns about the company’s valuation and founder Adam Neumann’s leadership and questionable actions.<\/p>\n

WeWork enjoyed a lofty valuation before withdrawing its IPO plans days after Neumann’s resignation, in September 2019, in order to focus on its core business. Less than a month later, Japanese investor SoftBank Group Corp. rescued the company at an $8 billion valuation. <\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong> <\/strong><\/p>\n

WeWork lost $3.2 billion last year, according to The Financial Times, citing documents given to prospective investors, down from $3.5 billion the year prior.<\/p>\n

The company expects occupancy to return to 90% of its pre-pandemic level by the end of next year after declining to 47% amid stay-at-home orders aimed at slowing the spread of COVID-19.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wilbur Ross: SPACs are the new IPO<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nWeWork agrees to $9B SPAC deal in push for stock-market listing - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeWork agrees to $9B SPAC deal in push for stock-market listing - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Wilbur Ross: SPACs are the new IPO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-27T18:49:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2019\/10\/931\/523\/AP19304816087116.jpg?ve=1&tl=1\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing\/\",\"name\":\"WeWork agrees to $9B SPAC deal in push for stock-market listing - 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