WeWork’s amended S-1 filing revealed that Adam Neumann has returned about $5.9 million worth of stock that was paid to him to acquire the “We” trademark.
In July, the company adopted an umbrella corporation structure, or Up-C, which led it to acquire the trademark “We” from We Holdings LLC, an investment vehicle, for $5.9 million
“Subsequently, at Adam’s direction, the issuance to WE Holdings LLC of the partnership interests was unwound and the partnership interests were returned to the We Company Partnership,” the filing states. “The We Company continues to hold all of the assigned rights to the ‘we’ family trademarks.”
Additionally, the amended filing revealed that the company appointed Frances Frei to its board. The former head of leadership and strategy at Uber is the company’s first female director.