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Stay abreast of what’s happening internationally with developments in corporate public affairs. Here is news that you may find useful and interesting:

WeWork shelves plan for IPO, tries to rebuild battered imageND


Alexandra Olson & Stan Choe, Associated Press, Tuesday 1st October, 2019

Following several turbulent weeks, co-working giant WeWork has shelved its planned IPO after several turbulent weeks have battered the company’s image. Initially, the company sought to go public with a valuation of nearly $50 billion (USD). The decision comes in the wake of co-founder Adam Neumann stepping aside as CEO. New co-CEOs, Artie Minson and Sebastian Gunningham, said in a statement the company suspended the IPO to “focus on our core business, the fundamentals of which remain strong.” The shelved IPO now raises an immediate funding challenge for WeWork. The company counted on a successful stock offering to pursue its exponential growth strategy. While commenting on the botched IPO, Dan Morgan, senior manager for Synovus Trust said he was concerned for the company going forward: “It’s a dangerous line they have to walk. You have to keep up the revenue growth, and for that you have to keep adding properties. And to keep adding properties you have to keep getting investment or issue stocks or bonds.”

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