WeWork (WE) stock trades on NYSE, priced after failed IPO

WeWork is lastly making its debut on the stock market—however the highway to going public hasn’t been a easy one and at the moment’s itemizing isn’t a standard IPO. Right here’s what you have to know as WeWork shares go up on the market at the moment:

  • It’s a SPAC, not an IPO. WeWork’s debut on the stock market at the moment shouldn’t be a standard IPO, the place the corporate sells shares in itself. A SPAC, on the opposite hand, sees one firm (WeWork, on this case) merge with a shell firm, then that firm goes public.
  • What firm did WeWork merge with? An organization referred to as BowX Acquisition Corp, which beforehand traded on the Nasdaq beneath the ticker BOWX, according to a WeWork press launch. After the merger, which closed yesterday, BowX modified its title to WeWork Inc.
  • What ticker image will WeWork commerce beneath? WeWork will commerce beneath the stock ticker “WE”.
  • Which trade will WeWork commerce on? WeWork will commerce on the New York Stock Alternate.
  • How a lot will WeWork shares price? They need to begin across the identical value that BowX closed eventually evening (preserving in thoughts pre-market buying and selling this morning). As The Wall Avenue Journal notes, BowX shares closed at $10.38 yesterday.