WeWork Inc. has completed its business combination with BowX Acquisition Corp., a special purpose acquisition company(SPAC), to become a publicly traded flexible space provider.
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The combined company will now operate as WeWork Inc. and will begin trading on the New York Stock Exchange under the ticker symbol “WE” on October 21, 2021.
The business combination provides WeWork with the previously announced gross cash proceeds of approximately $1.3 billion, prior to expenses, which includes the cash held in the trust account, a fully committed PIPE and an equity backstop facility provided by Cushman & Wakefield.
Executive Chairman Marcelo Claure and CEO Sandeep Mathrani will continue to lead the company as it executes its strategic plan.
Sandeep Mathrani, CEO of WeWork, said, “Today is a testament to the determination of our company to not only transform our business, but also to adapt and deliver the options that today’s workforce demands. As companies around the world reimagine their workplace, WeWork is uniquely positioned to offer the space and services that can power solutions built around flexibility. Providing employers and landlords around the world with our holistic offering of space-as-a-service, All Access and workplace management technology will enable WeWork to lead the market in mainstream adoption of flexible space.”
Marcelo Claure, Executive Chairman of WeWork, said, “SoftBank is proud to support WeWork on this important day, a day that recognizes years of hard work and executing on our vision. As the way we live and work has fundamentally changed, WeWork is leading one of the biggest disruptions in commercial real estate with a workspace solution that has never been more in demand. This milestone is just the beginning and we look forward to continuing to support WeWork on its journey.”
Vivek Ranadivé, Board Member at WeWork and former Chairman and Co-CEO of BowX Acquisition Corp., said, “WeWork has long been a pioneer in establishing what the future of work could look like, and today cements the company’s trajectory towards achieving this mission. With a strong leadership team in place and new platform offerings that will leverage WeWork’s decade of expertise and proprietary technology, we can’t imagine a business better equipped to lead continued growth in the flexible space market. While the pandemic has created many uncertainties, flexibility is here to stay and WeWork has the space and technology to power this global shift.”