WeWork's Failed IPO
In August 2019, WeWork had filed S-1 paperwork and planned to list on the Nasdaq. In September, WeWork withdrew its S-1 filing and announced the postponement of its initial public offering.
WeWork co-founder Adam Neumann stepped down from the position of CEO in September.
It is estimated that Softbank gave a $5-billion lifeline directly to WeWork.
SoftBank Eyes Investigations Of WeWork
SoftBank sent a notice to WeWork shareholders Tuesday that said the regulatory probes into the business, including those by the Securities and Exchange Commission and Justice Department, allow it to back out of a deal to buy $3 billion in WeWork shares from existing investors, the Journal reported.
Over-the-counter SoftBank shares were trading down 12.22% at $14.94 at the time of publication Wednesday.
Photo courtesy of WeWork.