WEWork Goes Public Through SPAC Deal

WeWork (NYSE: WE) shares went public through a special purpose acquisition company Thursday, just two years after its failed IPO. The company’s stock rose over 8% upon the news.

In 2019, the commercial real estate company discarded its IPO plans after investors highlighted concerns related to its business model, its corporate governance, and then-CEO Adam Neumann.

Throughout the past two years, the company has undergone various changes, including modifications to its top leadership.

"You’ve said this is a story with drama," WeWork Executive Chairman Marcelo Claure told the media on Thursday. "Sure, this is a story where a lot of people wrote documentaries that it was the end of WeWork.

"Well, the resistance, the persistence of these people is incredible. This company is here, is stronger than ever, and no doubt that we’re going to be celebrating many more milestones."

Thursday, one of its board members said, "WeWork is a transformed company primed to meet the growing demand for flexible space solutions. As evidenced by sequential monthly increases in revenue and occupancy in the third quarter of 2021,

"WeWork has demonstrated the resiliency of its business model and a strong long-term value proposition. Q3 2021 preliminary total revenue was $658 million, an increase of approximately 10% compared to Q2 2021 revenue of $593 million. Across consolidated operations, total occupancy continued to increase to 60% at the end of Q3 2021, up from 52% at the end of Q2 2021."

WE shares vaulted $1.31, or 11.1%, to $13.09.