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WeWork Still Needs Cash After Pulling IPO

  CRETech  ·  1 minute read

For years, WeWork’s parent company was defined by big spending as it relentlessly pursued rapid growth.

Now, in the aftermath of a botched initial public offering attempt and the ouster of co-founder and chief executive Adam Neumann, it is facing a different reality: It needs to stop bleeding cash.

On Monday, We Co. said it would file a request with the Securities and Exchange Commission to withdraw its IPO proposal. The company said it is postponing the offering to focus on its core business and that it has “every intention to operate WeWork as a public company” but didn’t provide a time frame.