BowX Acquisition Says Holders Approval Business Combination With WeWork
By Stephen Nakrosis
Special purpose acquisition company BowX Acquisition Corp. said
Tuesday its shareholders approved the previously announced business
combination with shared-workspace company WeWork Inc.
BowX said the deal is expected to provide WeWork with cash
proceeds of about $1.3 billion.
The merger is expected to close on or about Oct. 20, BowX said,
adding shares of the combined company, to be named WeWork, are
expected to begin trading on the New York Stock Exchange on Oct.
As reported in The Wall Street Journal, an earlier attempt for
an initial public offering of WeWork in 2019 was postponed by its
then-parent company amid questions about the company's corporate
governance and how much it was worth. The company was eventually
bailed out by SoftBank Group Corp., as reported by The Wall Street
BowX Acquisition was formed by management of venture capital
fund Bow Capital.
Write to Stephen Nakrosis at email@example.com
(END) Dow Jones Newswires
October 19, 2021 15:57 ET (19:57 GMT)
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