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Ucommune Formally Walks Away From IPO

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.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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