Slightly more than six weeks after originally filing its S-1 document with the U.S. Securities and Exchange Commission, WeWork parent company The We Company officially announced it’s delaying its initial public offering (IPO) and withdrawing the filing. The document revealed the company lost $1.9 billion last year, while posting revenue of $1.8 billion.
“We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” WeWork co-CEOs Artie Minson and Sebastian Gunningham said in a joint statement Monday, according to CNBC.
“We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders,” the statement continues. “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.”
The We Company was first plagued by rumors of a diminishing valuation, followed by reports of a delayed IPO shortly after announcing its intention to go public. Those rumors eventually came to a head last week with the company’s founder and CEO Adam Neumann announcing his resignation from the role as CEO, although he retains a seat on the board of directors as non-executive chairman of the board.
“While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive,” Neumann said in a statement, last week.