- Merger is expected to close on or around October 20, 2021
- Transaction expected to provide WeWork with approximately $1.3
billion in cash, prior to expenses, full amount expected in initial
agreement announced on March 26, 2021.
- Combined company to be named WeWork and will begin trading on
the New York Stock Exchange under the ticker “WE” on October 21,
2021
BowX Acquisition Corp. (NASDAQ: BOWX, BOWXU, AND BOWXW)
(“BowX”), a special purpose acquisition company, today announced
that in a special meeting held today, its stockholders voted to
approve its business combination with WeWork Inc. (“WeWork”), the
leading flexible space provider. The business combination was
supported by 97.9% of the votes cast at the meeting, representing
approximately 77.6% of BowX’s outstanding shares.
The business combination is expected to provide WeWork with the
previously announced gross cash proceeds of approximately $1.3
billion, which includes the cash held in the trust account, a fully
committed PIPE and an equity backstop facility provided by Cushman
& Wakefield. In addition, as previously disclosed, upon the
closing of the business combination, WeWork will have access to up
to 550,000,000 of senior secured debt in the form of 7.5% senior
secured notes pursuant to its amended and restated master senior
secured notes note purchase agreement with StarBright WW LP, an
affiliate of SoftBank Group Corp.
BowX and WeWork will combine to create the leading publicly
traded provider of flexible space and workplace management
solutions, with a platform and global network that will ideally
position the company to serve the multi-trillion office space
market and enable the future of work.
The business combination is expected to close on October 20,
2021, subject to the satisfaction or waiver of all closing
conditions. Following the close, WeWork and its common stock and
warrants are expected to begin trading on the New York Stock
Exchange under the ticker symbol “WE”, on October 21, 2021.
About BowX Acquisition Corp.
BowX Acquisition Corp. is a Special Purpose Acquisition Company
formed by management of Bow Capital, including Vivek Ranadivé, and
Murray Rode. Bow Capital is a venture capital fund bridging the
best of academia, business, and entertainment. Mr. Ranadivé has
four decades of experience and is founder and managing director of
Bow Capital, as well as previous founder and CEO of TIBCO. Mr. Rode
is senior advisor of Bow Capital and former CEO of TIBCO, with over
30 years of experience in tech.
About WeWork
WeWork was founded in 2010 with the vision to create
environments where people and companies come together and do their
best work. Since opening our first location in New York City, we’ve
grown into a global flexible space provider committed to delivering
technology-driven flexible solutions, inspiring spaces, and
unmatched community experiences. Today, we’re constantly
reimagining how the workplace can help everyone, from freelancers
to Fortune 500s, be more motivated, productive, and connected. For
more information about WeWork, please visit us at
https://wework.com.
Forward-Looking Statements
Certain statements made in this press release are “forward
looking statements” within the meaning of the “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995. Such “forward-looking statements” with respect
to the proposed transaction between WeWork and BowX include
statements regarding the benefits and timing of the transaction,
the anticipated timing of the trading of the combined company and
expectations regarding the combined company’s position to serve the
multi-trillion office space market and enable the future of work.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of BowX’s securities, (ii) the risk that the transaction may not be
completed by BowX’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by BowX, (iii) the failure to satisfy the conditions to
the consummation of the transaction, including receipt of certain
governmental and regulatory approvals, (iv) the lack of a third
party valuation in determining whether or not to pursue the
proposed transaction, (v) the inability to complete the PIPE
investment, (vi) the occurrence of any event, change or other
circumstance that could give rise to the termination of the Merger
Agreement, (vii) the effect of the announcement or pendency of the
transaction on WeWork’s business relationships, operating results,
and business generally, (viii) risks that the proposed transaction
disrupts current plans and operations of WeWork and potential
difficulties in WeWork employee retention as a result of the
transaction, (ix) the outcome of any legal proceedings that may be
instituted against WeWork or against BowX related to the Merger
Agreement or the proposed transaction, (x) the ability to maintain
the listing of BowX’s securities on a national securities exchange,
(xi) the price of BowX’s securities may be volatile due to a
variety of factors, including changes in the competitive and
regulated industries in which BowX plans to operate or WeWork
operates, variations in operating performance across competitors,
changes in laws and regulations affecting BowX’s or WeWork’s
business, WeWork’s inability to implement its business plan or meet
or exceed its financial projections and changes in the combined
capital structure, (xii) changes in general economic conditions,
including as a result of the COVID-19 pandemic, and (xiii) the
ability to implement business plans, forecasts, and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the registration statement on Form S-4 discussed above, the
proxy statement/prospectus and other documents filed or that may be
filed by BowX from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and WeWork and BowX assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
WeWork nor BowX gives any assurance that either WeWork or BowX, or
the combined company, will achieve its expectations.
Category: Investor Relations
Source We Work
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211019006122/en/
Investors Chandler Salisbury investor@wework.com
Media Nicole Sizemore / Julia Sullivan
press@wework.com
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