NEW YORK–(BUSINESS WIRE)–December 1, 2021–
WeWork Inc. (NYSE: WE) today issued the statement below regarding its Form 8-K, filed with the Securities and Exchange Commission (“SEC”) on December 1, 2021, disclosing plans to disclose the financial results of its predecessor, BowX , to review Acquisition Corp. (“BowX”).
WeWork’s plans to amend the financial statements of its predecessor, BowX, are separate from WeWork’s current operations and WeWork’s financial statements. The “material weakness” referenced in today’s filing existed at BowX and will not carry over to WeWork. It relates to the interpretation and accounting of the BowX Class A public shares classified as permanent or temporary equity prior to the merger with WeWork. The underlying economy of the SPAC, the proceeds from the SPAC transactions, sources and uses, and closing valuation were unaffected.
WeWork (NYSE: WE) was founded in 2010 with a vision to create environments where people and businesses come together and do their best work. Since then, we have become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces and community experiences. For more information about WeWork, visit https://wework.com.
Warning Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, including those relating to BowX’s plan to restate its financial results, other than historical facts contained in this report, are forward-looking statements. When used in this report, words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘plan’ and similar expressions, pertaining to the company or its management team, indicate forward-looking statements. Such forward-looking statements are based on management’s beliefs, as well as assumptions and information currently available to company management. Actual results could differ materially from those contemplated in the forward-looking statements due to certain factors described in the company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or to persons acting on its behalf are qualified by this paragraph in their entirety. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s proxy statement/prospectus, dated September 20, 2021, filed with the SEC. Copies of such filings are available on the SEC’s website, www.sec.gov. The company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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CONTACT: Julia Sullivan
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY OTHER CONSTRUCTION & PROPERTY OTHER TECHNOLOGY BUSINESS CONSTRUCTION & PROPERTY FINANCE CONSTRUCTION & REAL ESTATE
SOURCE: We work
Copyright Business Wire 2021.
PUB: 01-12-21 21:47/DISC: 01-12-21 21:47
Copyright Business Wire 2021.