FILE PHOTO: A man enters a WeWork co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – WeWork’s parent The We Company said on Monday it will file to withdraw its initial public offering, a week after the SoftBank-backed firm removed founder Adam Neumann as its chief executive officer.
“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” WeWork’s newly appointed co-CEOs Artie Minson and Sebastian Gunningham said.
“We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.” [nBw2yMFD4a]
Reporting by Anirban Sen; Editing by Shounak Dasgupta
Our Standards:The Thomson Reuters Trust Principles.
source: reuters.com