WeWork throws in the towel on its ill-fated IPO

The withdrawal of its IPO prospectus formalises the end of the New York-based company's pursuit of a near-term listing and allows Neumann's(pic) successors to proceed with the company's financial turnaround without disclosing as much information publicly.

NEW YORK: WeWork's parent The We Company on Monday filed to withdraw its initial public offering, a week after the SoftBank-backed office-sharing startup ousted founder Adam Neumann as its chief executive officer.

The withdrawal of its IPO prospectus formalises the end of the New York-based company's pursuit of a near-term listing and allows Neumann's successors to proceed with the company's financial turnaround without disclosing as much information publicly.