After a planned IPO blew up spectacularly in 2019, WeWork was counting on the post-Covid era of flexible working to staunch big cash outflows and gain a fresh start, Bloomberg Quint reports in this opinion piece.
Its attempt to go public (again) is premised on people now preferring its shared workspaces over traditional corporate offices. But with virus cases surging in key markets like the U.S. and U.K., its recovery isn’t going as well as hoped. Last week it warned that full year revenues would be lower, and losses larger, than previously forecast. U.K.-listed rival IWG PLC issued a similar warning in June.
The shares of BowX Acquisition Corp, the blank-check firm that WeWork plans to merge with and go public through, have also sagged alongside much of the SPAC market. Read more.
