WeWork's merger with a Silicon Valley SPAC went through on Tuesday, closing the loop on a chaotic two-year journey to become a publicly-traded company.
Investors in BowX, the special acquisition company helping WeWork go public, voted to officially merge with WeWork on Tuesday. The company's shares will start trading Thursday, according to the Silicon Valley Business Journal, likely under the "WE" ticker symbol. BowX said WeWork will get about $1.3 billion in cash from the deal, and it values the company at a total of about $9 billion, according to WeWork's announcement from March 2021.
The WeWork that's going public is a far cry from the high-flying company of a few years ago. WeWork filed for public status in August 2019, but the IPO went up in flames after the valuation sunk from $47 billion to $10 billion. The company removed Adam Neumann as CEO, and then was absorbed by investment firm SoftBank.
WeWork has seen its fortunes improve somewhat during the pandemic, though, as the shift to remote and hybrid work has made WeWork's flexible offerings potentially more relevant than ever. That's the message new CEO Sandeep Mathrani has been promoting, anyway, as the company has tried to get back on the right track by shedding bad deals and trimming costs. Now it will test the market's appetite for a calmer, less ambitious version of the original idea.