WeWork will finally make its debut on the stock market after a $9bn merger was approved by shareholders of a blank-cheque company, bringing to an end the property group’s tumultuous two-year journey to go public.
The shareholders of BowX Acquisition, a listed special purpose acquisition company, or Spac, on Tuesday voted in favour of its transaction with WeWork, enabling the New York-based shared office space provider to trade on the Nasdaq stock exchange from Thursday under the ticker WE.
WeWork becomes a public company with a much humbler profile than when it made its first attempt in 2019, and its $9bn valuation is a fraction of the $47bn at which SoftBank valued the company in an investment months before its failed initial public offering. BowX shares were down 7 per cent on Tuesday.