WeWork’s Governance Overhaul and Financial Restructuring

An update from WeWork (WEWKQ) is now available.

As part of its financial restructuring, the Company has entered into significant agreements that redefine shareholder rights and obligations, including board designation, governance, information sharing, and transfer restrictions. They also established a credit facility to support their ongoing business needs. In a sweeping change, all previously existing stock and warrants were cancelled, and new common stock was issued to certain claim holders. Leadership changes were also made, with a new CEO appointed and a refreshed board of directors. The Company has amended its incorporation certificate and bylaws, and in a move toward simplification, deregistered its securities as it exits bankruptcy.

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