We(will make it)Work

If an IPO fails, just SPAC it.

WeWork, the most recent poster boy of IPO failure (and corporate shenanigans), will finally go public with a SPAC listing to value the flexible workspace provider at USD 9 billion.

WeWork was valued at USD 47 billion when it tried to IPO in 2019.

So what is different now? WeWork dropped its co-founder and CEO Adam Neumann, exited non-core ventures, and said COVID has accelerated the adoption of its flexible workspace.

The still unprofitable WeWork has promised to achieve profitability soon.

But who really knows? Merging with an already listed special purpose acquisition company (SPAC), in this case BowX Acquisition Corp, allows WeWork to skip in-depth scrutiny and due diligence associated with a traditional IPO.

We(will make it)Work.