SPAC shareholders approve deal that will take WeWork public
The merger is expected to close on or about Oct. 20
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. 21.
CLICK HERE TO READ MORE FROM FOX BUSINESS
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.
WeWork, which had one of the most spectacular IPO implosions in recent years, is trying to go public again—and some of the factors that worried regulators on the first deal are back again. (Photo by Robert Alexander/Getty Images)
BowX Acquisition was formed by management of venture capital fund Bow Capital.