The parent of coworking giant WeWork Cos. Inc. is postponing its planned IPO for an indefinite period, saying the decision would allow the company to focus on its core business.
The We Co. subsidiary said in a Sept. 30 release that it will file a request to withdraw its registration statement on Form S-1 that was initially filed with the SEC in August. Since the August filing, the company has announced several changes, including delaying its IPO plans, mainly due to investor concerns regarding the company's valuation and governance structure.
The latest move comes on the heels of recent management changes at WeWork, including the resignation of co-founder Adam Neumann as CEO, the appointment of Artie Minson and Sebastian Gunningham as co-CEOs, and reports of a whole host of strategic moves being considered for the company.
"We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future," Minson and Gunningham said in a release.
