WeWork (WE) Stock Surged In Its Market Debut After SPAC Merger
WeWork’s (NYSE: WE) stock rose this week in light of its market debut, after a tumultuous journey that included the implosion of its previous initial public offering (IPO) plans and the ouster of co-founder Adam Neumann.
The listing came following a merger with the special purpose acquisition company (SPAC) BowX Acquisition Corporation (NASDAQ: BOWX). The combination provides WeWork with cash proceeds of about $1.3 billion, and a valuation of around $9 billion. This marked a major step down from the valuation of $47 billion WeWork commanded in 2019, following an investment from SoftBank Group in the private markets.
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