WeWork discloses “significant weaknesses” and redisplays revenue

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It’s been over a month since I made my debut in the open market We work I’m already running into problems with investors.

Flexible office space providers Submission to regulatory agencies On Wednesday, we plan to redisplay our financial results for the first three quarters of 2020 and 2021 as the calculation was made using the wrong number of public shares.

In long-term trading after disclosure, stock prices fell by more than 5% to $ 7.86.

We work Published In October, BowX Acquisition Corp, led by Sacramento Kings owner and former TIBCO Software CEO Vivek Ranadive. It was acquired through a special purpose company called. According to a submission from Wednesday, when BowX held an IPO, some of the issued shares were mistakenly classified as “permanent shares” rather than “temporary shares” before being combined with WeWork.

WeWork, in consultation with BowX’s accounting firm, decided on November 29, last year, that “all financial statements need to be amended in order to report all public shares as temporary shares.” I said I did. The existing report “should no longer be trusted,” WeWork said.

This announcement marks another setback in WeWork. Rescue in 2019 NS Softbank Due to excessive loss and overestimation, the company Discard the first IPO plan..Co-founder Adam Neumann Expulsion As CEO, and the company has reduced its ambitions to focus solely on office space.

Due to the misclassification of stocks, WeWork now admits that there were “significant weaknesses in internal control over financial reporting” regarding accounting on the public stock side. The company said significant weaknesses would be noted in the revised report.

WeWork discloses “significant weaknesses” and redisplays revenue

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The post WeWork discloses “significant weaknesses” and redisplays revenue appeared first on Eminetra.

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