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Beijing-based coworking operator Ucommune has revealed it will walk away from its planned initial public offering from the New York Stock Exchange.
The IPO withdrawal, which was filed last December, came after the company entered a merger agreement with New York-based firm Orisun Acquisition Corp. in July.
“In light of the current capital markets condition, the company is considering other alternatives and has determined not to proceed at this time with the offering and sale of the securities proposed to be covered by the Registration Statement,” Ucommune said in its request submitted to the U.S. Securities and Exchange Commission (SEC).
The newly-merged company would have a valuation of around $769 million and is expected to trade on NASDAQ by the third quarter of 2020.
