By Stephen Nakrosis


Special purpose acquisition company BowX Acquisition Corp. said Tuesday its shareholders approved the previously announced business combination with shared-workspace company WeWork Inc.

BowX said the deal is expected to provide WeWork with cash proceeds of about $1.3 billion.

The merger is expected to close on or about Oct. 20, BowX said, adding shares of the combined company, to be named WeWork, are expected to begin trading on the New York Stock Exchange on Oct. 21.

As reported in The Wall Street Journal, an earlier attempt for an initial public offering of WeWork in 2019 was postponed by its then-parent company amid questions about the company's corporate governance and how much it was worth. The company was eventually bailed out by SoftBank Group Corp., as reported by The Wall Street Journal.

BowX Acquisition was formed by management of venture capital fund Bow Capital.


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(END) Dow Jones Newswires

October 19, 2021 15:57 ET (19:57 GMT)

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