Ucommune Begins Trading On The Nasdaq
China-based shared workspace operator Ucommune has completed a backdoor listing in the U.S. after failing to file for a traditional IPO earlier this year.
The deal led to the listing of Ucommune International Ltd. as an already-listed shell company, also referred to as a special purpose acquisition company (SPAC). The company is now listed on the Nasdaq as of Thursday.
Three months ago, Ucommune walked away from its application for a $100 million IPO on the New York Stock Exchange after investors expressed concerns over the company losing money and its valuation, particularly as the market faced a downturn due to the pandemic.
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