Embattled office-sharing unicorn startup WeWork withdraws its IPO filing

Last week, we reported how WeWork failed to file its IPO after several attempts at initial public offering (IPO). Now WeWork announces it will withdraw its S-1 filing as it seeks to postpone its highly anticipated initial public offering, according to a report from CNBC. The future of the IPO had been in question after WeWork moved to delay its investor roadshow earlier this month

This month, WeWork board forced the co-founder and CEO Adam Neumann out of his post after the unicorn startup lost tens of billions of dollars and amid investor concerns about its corporate governance under Neumann, and its ability to generate a profit.

Founded in 2010, WeWork’s platform transforms buildings into dynamic environments for creativity, focus, and collaboration. The company transform buildings into beautiful, collaborative work spaces and provide infrastructure, services, events and tech. It has made a total of eight acquisition. WeWork’s customers include world’s largest corporations — like GE, Mastercard, and Samsung — into more than 200 locations.

With massive losses and a confusing corporate structure, the struggling unicorn startup originally announced plans to go public on August 14. Since then, the IPO for WeWork’s parent company, The We Co., has been hanging in the balance, as it delayed its investor roadshow amid weak demand and a dwindling IPO valuation. WeWork co-founder Adam Neumann announced he would step down as CEO and give up some of his voting power on Sept. 24.

“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” WeWork co-CEOs Artie Minson and Sebastian Gunningham said in a statement Monday. “We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”