WEWORK FINALLY GOES PUBLIC, KNOTEL FAILURE, AND MORE

Spac helps WeWork go public

Multiple news sources claim that WeWork is going public. WeWork has reportedly agreed to merge with a blank check firm in a deal valued at $9 billion. This deal will allow WeWork to go public nearly two years after its failed IPO.

Newmark will officially acquire Knotel

According to The Real Deal, “A bankruptcy judge has approved the sale of flexible-office supplier Knotel [brokerage Newmark]”. Newmark was an early shareholder of Knotel. The company filed for bankruptcy in January. It offered $20 million in debtor-in-possession financing and a $70million stalking horse offer. However, it is unknown how many Knotel stores will be operational.

Knotel, the former WeWork vice-chairman, named new CEO

The Wall Street Journal reports that “Knotel Inc.” will announce Michael Gross, the former WeWork Vice-Chairman, joining as Chief Executive. This announcement was made after Newmark filed for bankruptcy.

 

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