WeWork to List Shares on Nasdaq, Make Governance Changes

We and its advisers are targeting a valuation that could slip below $20 billion.

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Adam Glanzman/Bloomberg News

Sept. 13, 2019 12:20 am ET

WeWork’s parent company has chosen to list its shares on Nasdaq and plans sweeping changes in its governance as the shared workspace provider speeds up preparations for its hotly anticipated initial public offering in the face of tepid interest from investors.

The moves are part of a plan by We Co., as the company is officially known, to begin officially marketing the shares to investors next week ahead of a trading debut the week of Sept. 23, people familiar with the matter said. The company is expected to set a preliminary price range by next week and We and its advisers are targeting a valuation that could slip below $20 billion, as The Wall Street Journal has previously reported. That’s significantly lower than the $47 billion valuation set in a funding round earlier this year, reflecting skepticism over the company’s governance and its ability to reverse steep losses. Write to Maureen Farrell at maureen.farrell@wsj.com and Corrie Driebusch at corrie.driebusch@wsj.com

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