$WeWork(WE.US)$ shares are trading higher by 7.61% at $11.17 at the time of publication.
WeWork is an American commercial real estate company that provides flexible shared workspaces for technology startups and services for other enterprises.Founded in 2010, its headquarters are in New York City. The company designs and builds physical and virtual shared spaces and office services for entrepreneurs and companies.
WeWork made its first IPO attempt in 2019 and eventually failed. In 2021 March, WeWork announced it would merge with BowX Acquisition Corp to become publicly traded via SPAC merger. The deal would close on Oct. 21 and the combined entity would trade on the New York Stock Exchange under the symbol "WE".
Originally catering to mainly freelancers, start-ups, and small businesses, WeWork has scaled its business to accommodate a global platform of space, community, services and technology in over 528 locations in 111 cities across 29 countries. Its 527,000 memberships represent global enterprises across multiple industries, including 38% of the Global Fortune 500.
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A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.
Also known as "blank check companies," SPACs have been around for decades, but their popularity has soared in recent years.