WeWork has its eye on the prize as it finally makes it to NYSE


Flex office provider WeWork began trading on the New York
Stock Exchange today following the closing of its merger with special
acquisitions company, BowX Acquisition Corp

The combined company now operates as WeWork Inc. and began
trading under the ticker symbol WE on October 21, 2021.

 “Today is a testament to the determination of our company to not only transform our business, but also to adapt and deliver the options that today’s workforce demands,” said Sandeep Mathrani, CEO of WeWork.


“As companies around the world reimagine their workplace,
WeWork is uniquely positioned to offer the space and services that can power
solutions built around flexibility. Providing employers and landlords around
the world with our holistic offering of space-as-a-service, All Access and
workplace management technology will enable WeWork to lead the market in
mainstream adoption of flexible space.”

The IPO comes two years after WeWork’s first offering plan collapsed
over concerns about its business model and behavior of founder and then-CEO
Adam Neumann.

Its value fell from $47 billion when the Japanese
conglomerate Softbank bailed the company out to $9 billion following the BowX
merger announcement in March, 2021.

Today, it announced sequential monthly increases in revenue
and occupancy in the third quarter of 2021 following a multi-layered effort to
rein in costs, reduce its leasing obligations and develop new revenue streams.

Q3 2021 preliminary total revenue was $658 million, an
increase of approximately 10 percent compared to Q2 2021 revenue of $593
million. Across consolidated operations, the company said total occupancy
continued to increase to 60 percent at the end of Q3 2021, up from 52 percent
at the end of Q2 2021. Consolidated gross desk sales totaled 154,000 in Q3 2021
representing approximately 9.2 million square feet sold. Consolidated new desk
sales totaled 84,000 in Q3 2021.

WeWork said it has also begun to realize new revenue
opportunities by digitizing its real estate offerings and productizing its
existing technology.

As of Q3 2021, All Access, its pay-as-you-go or subscription-based product, and other virtual memberships have reached 32,000. The company has begun to build out its proprietary workplace management platform, WeWork Workplace, to offer landlords and members the ability to manage flex space across their portfolios and recently announced strategic partnerships with Hudson’s Bay Company, Cushman & Wakefield and Ivanhoé Cambridge.


Marcelo Claure, executive chairman of WeWork and COO of
SoftBank, said, “SoftBank is proud to support WeWork on this important day, a
day that recognizes years of hard work and executing on our vision. As the way
we live and work has fundamentally changed. WeWork is leading one of the
biggest disruptions in commercial real estate with a workspace solution that
has never been more in demand. This milestone is just the beginning and we look
forward to continuing to support WeWork on its journey.”

PJT Partners served as sole financial advisor and Skadden,
Arps, Slate, Meagher & Flom LLP served as legal counsel to WeWork. UBS
Investment Bank served as sole financial and capital markets advisor to BowX.
Cooley LLP served as legal counsel to BowX. UBS Investment Bank and PJT
Partners acted as joint placement agents with respect to the private placement.
Paul Hastings LLP served as placement agent counsel and Morrison & Foerster
LLP served as legal counsel to SoftBank Group.

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