WeWork Plans To Restate Financial Results Of Its Predecessor, BowX Acquisition

(RTTNews) - WeWork Inc. (WE) disclosed plans to restate the financial results of its predecessor, BowX Acquisition Corp due to the "material weakness".

WeWork noted that its plans to restate the financial statements of its predecessor, BowX, are unrelated to WeWork's current operations and WeWork's financial statements.

WeWork noted that the "material weakness" referenced in the filing existed at BowX and does not carry over to WeWork. It is related to the interpretation and accounting for the BowX Class A public shares classified as permanent or temporary equity prior to the merger with WeWork.