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WeWork says it will file request to withdraw its IPO filing

by ace
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The signs are seen at the entrance of WeWork's offices on Broad Street in New York.

David & # 39; Dee & # 39; Slender | Bloomberg Getty Images

WeWork has announced that it will withdraw its S-1 order as it intends to postpone its highly anticipated initial public offering.

The shared distressed company formally announced its intention to go public on August 14, revealing huge losses and a confusing corporate structure.

"We have decided to postpone our initial public offering to focus on our core businesses, whose fundamentals remain strong," WeWork co-CEOs Artie Minson and Sebastian Gunningham said in a statement. "We are as committed as ever to serving our members, corporate customers, owner partners, employees and shareholders. We are fully intent on operating WeWork as a public company and look forward to revisiting public stock markets in the future."

Over the next few months, WeWork's parent company, We Co., made radical changes to its corporate governance. Most notably, the changes resulted in co-founder Adam Neumann leaving the post of CEO. He has also given up some of his voting rights, which means that he no longer has majority voting control.

This is breaking news. Check again for updates.

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