WeWork Statement Regarding 8-K Filing on Former SPAC’s Financial Statements
December 01 2021 - 9:47PM
Business Wire
WeWork Inc. (NYSE: WE) today issued the below statement
regarding its Form 8-K filed with the Securities and Exchange
Commission (“SEC”) on December 1, 2021, which disclosed plans to
restate the financial results of its predecessor, BowX Acquisition
Corp. (“BowX”).
WeWork’s plans to restate the financial
statements of its predecessor, BowX, are unrelated to WeWork’s
current operations and WeWork's financial statements. The “material
weakness” referenced in the filing today existed at BowX and does
not carry over to WeWork. It is related to the interpretation and
accounting for the BowX Class A public shares classified as
permanent or temporary equity prior to the merger with WeWork. The
underlying economics of the SPAC, de-SPAC transaction proceeds,
sources and uses, and valuation at close were not impacted.
About WeWork
WeWork (NYSE: WE) was founded in 2010 with the vision to create
environments where people and companies come together and do their
best work. Since then, we’ve become one of the leading global
flexible space providers committed to delivering technology-driven
turnkey solutions, flexible spaces, and community experiences. For
more information about WeWork, please visit us at
https://wework.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may include “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, including those relating to the plan to
restate the financial results of BowX, other than statements of
historical fact included in this report are forward-looking
statements. When used in this report, words such as “anticipate,”
“believe,” “estimate,” “expect,” “intend” and similar expressions,
as they relate to the Company or its management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s proxy statement/prospectus, dated September 20, 2021,
filed with the SEC. Copies of such filings are available on the
SEC’s website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211201006265/en/
Julia Sullivan press@wework.com
WEX (NYSE:WEX)
Historical Stock Chart
From Mar 2024 to Apr 2024
WEX (NYSE:WEX)
Historical Stock Chart
From Apr 2023 to Apr 2024