Reuters | |

SoftBank-backed office-sharing startup WeWork on Thursday reported a first-quarter net loss of $2.06 billion, as it was hit by restructuring charges while it prepares to go public through a merger with a blank-check firm.

WeWork said its business was recovering as more people returned to offices due to easing of COVID-19 curbs, after work-from-home arrangements last year weighed heavily on the company by reducing occupancy and increasing operating costs.

Kimberly Redmond | |

WeWork agreed to a reverse merger with a special purpose acquisition company in a deal to take the office sharing startup public almost two years after a failed attempt at an initial public offering.

The planned merger with BowX Acquisition Corp (Nasdaq: BOWX), which is expected to close in the third quarter of this year, values WeWork at $9 billion including debt, a fraction of the $47 billion at which the company was once valued.

Reuters | |

(Reuters) - WeWork lost $3.2 billion last year, according to documents shown to prospective investors by the office-sharing startup as apart of a pitch for $1 billion in investment and a stock market listing, the Financial Times here reported on Monday.

The company’s losses narrowed from $3.5 billion in 2019 and it plans to go public at a valuation of $9 billion including debt through a merger with a special purpose acquisition company (SPAC), the report said.