U.S. shared-office provider WeWork Inc., in which Japan'sSoftBank Group Corp. invests through the Vision Fund, made its debut on the New York Stock Exchange on Thursday after a postponement of more than two years.
Following the previous day's $9 billion merger with BowX Acquisition Co., WeWork finished its first trading day with a share price of $11.78, about 13 percent higher than the closing price of the special-purpose acquisition company on Wednesday.
The listing came after WeWork postponed its initial public offering in 2019 amid investor concerns about the financial performance and governance of the company.
Although WeWork has struggled to improve its business outlook through massive layoffs and financial assistance from SoftBank Group, it incurred a net loss of $923 million in the April-June period amid the coronavirus pandemic, which reduced demand for office space as many employees work from home.
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