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Jeremy Fennema – Tech Innovation Alchemist
WeWork’s shares have fallen by over half since it went public via merging with a special purpose acquisition group in October. As a result, reports show that the coworking firm is in talks to raise new equity.
On Friday, the company’s shares fell to $4.66, which is a record low for the operator.
According to investors, the new capital raise could come in the form of a private investment in public equity (PIPE), which could see the company’s shares being purchased below its current market value. WeWork hopes to bring in over $200 million.
The company’s SPAC transaction included $800 million PIPE.
If the company is successful, this transaction could be revealed in WeWork’s fourth quarter earnings announcement that is expected on March 11.
“The company has no plans to issue additional equity at this time,” said WeWork in a statement on Friday after trade closing. “Our liquidity at the end of the third quarter stands at $2.3 billion.”
This news follows CEO Sandeep Mathrani revealing that the company will continue to operate in Russia for now. Other companies have halted their business in the country following its invasion of Ukraine.
