In The Loop: Ucommune Starts Trading On Nasdaq, Industry Optimism, And More

Ucommune has officially begun trading on the Nasdaq after completing a backdoor listing.

Ucommune Completes Backdoor Listing in the US

CX Tech reported this week that Ucommune Group Holdings Ltd. “has completed a backdoor listing in the U.S. after failing to make a more traditional IPO earlier this year.” The company originally filed for a $100 million IPO on the New York Stock Exchange but soon after withdrew the application. According to the report, Ucommune was able to complete the listing by using an already-listed shell company. Ucommune has officially begun trading on the Nasdaq under the symbol “UK”. In addition to the listing, the coworking company has stated that it may receive $66.5 million from backstop investors. 

Coworking Operators Remain Optimistic about the Future

The Commercial Observer reported this week that “coworking and flex space operators and potential users are optimistic about its [the industry’s] future.” Recent reports have found that the office market sector remains confident despite the disruption caused by the COVID-19 pandemic. According to the data, 76% of flexible space operators are optimistic about the future of the industry over the next 12 months. Additionally, 90% of flexible workspace users anticipate that flexibility in leases will increase, which hints that there is a market opportunity for flexible workspace operators. 

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A Former McDonald’s Will Be Converted into Flexible Space

Liverpool Echo reported this week that a former McDonald’s location will be repurposed into a 3,0000m2 flexible workspace. According to reports, the space has been empty for six years. Once the redevelopment and refurbishment is done, Enterprise Store will be able to house up to 54 workers in the office space. According to statements from Sefton Council, the goal is to support the further growth and diversification of Southport’s economy and bring “new footfall to a declining area of the town centre.”

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