WeWork’s parent company has chosen to list its shares on Nasdaq and plans sweeping changes in its governance
By Maureen Farrell and Corrie Driebusch Updated Sept. 13, 2019 12:58 am ET as the shared-workspace provider speeds up preparations for its hotly anticipated initial public offering in the face of tepid interest from investors.
We Co-founder and Chief Executive Adam Neumann controls a majority of the company’s voting rights through special shares whose potency was recently enhanced. We officials and their advisers have been in an intensive series of meetings in recent days as questions swirl over whether the company will go through with the offering, one of the biggest in what could be a record year for new issues. But the choosing of a listing venue, together with the expected valuation cut and governance overhaul, show that it has decided to plow forward—even if that means raising less that it had originally hoped.
In the coming weeks, Peloton Interactive Inc. is planning to debut on Nasdaq and Endeavor Group Holdings Inc., the parent company of Hollywood’s biggest talent agency, is slated to start trading on the NYSE.
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