WeWork is finally making its debut on the stock market—but the road to going public hasn’t been a smooth one and today’s listing isn’t a traditional IPO. Here’s what you need to know as WeWork shares go up for sale today:
- It’s a SPAC, not an IPO. WeWork’s debut on the stock market today is not a traditional IPO, where the company sells shares in itself. A SPAC (special purpose acquisition company), on the other hand, sees one company (WeWork, in this case) merge with a shell company, then that company goes public.
- What company did WeWork merge with? A company called BowX Acquisition, which previously traded on the Nasdaq under the ticker BOWX, according to a WeWork press release. After the merger, which closed yesterday, BowX changed its name to WeWork Inc.
- What ticker symbol will WeWork trade under? WeWork will trade under the stock ticker “WE”.
- Which exchange will WeWork trade on? WeWork will trade on the New York Stock Exchange.
- How much will WeWork shares cost? They should start around the same price that BowX closed at last night (keeping in mind premarket trading this morning). As The Wall Street Journal notes, BowX shares closed at $10.38 yesterday.