WeWork announced plans to go public through a $9B SPAC merger. The announcement follows a tumultuous series of events for the office rental company, including a $47B valuation in 2019 followed by a failed IPO and the ouster of CEO Adam Neumann. The company subsequently underwent a series of cost-cutting measures and expects to be cash-flow positive this year.
More context: A special purpose acquisition company (a “SPAC”) allows companies to become publicly listed by combining with an existing public entity that was created solely for that purpose (i.e. the SPAC). The structure, which surged in popularity last year, provides an alternative to the traditional IPO process.