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BowX Acquisition Corp. (NASDAQ:BOWX, BOWXU, AND BOWXW))))) ("BowX"), a special purpose acquisition company, and WeWork Inc., a leading global flexible space provider, today announced the completion of their business combination. The combined company will now operate as WeWork Inc. and will begin trading on the New York Stock Exchange under the ticker symbol "WE" on October 21, 2021.
Sandeep Mathrani, CEO of WeWork, said, "Today is a testament to the determination of our company to not only transform our business, but also to adapt and deliver the options that today's workforce demands. As companies around the world reimagine their workplace, WeWork is uniquely positioned to offer the space and services that can power solutions built around flexibility. Providing employers and landlords around the world with our holistic offering of space-as-a-service, All Access and workplace management technology will enable WeWork to lead the market in mainstream adoption of flexible space."
Marcelo Claure, Executive Chairman of WeWork, said, "SoftBank is proud to support WeWork on this important day, a day that recognizes years of hard work and executing on our vision. As the way we live and work has fundamentally changed, WeWork is leading one of the biggest disruptions in commercial real estate with a workspace solution that has never been more in demand. This milestone is just the beginning and we look forward to continuing to support WeWork on its journey."
Vivek Ranadivé, Board Member at WeWork and former Chairman and Co-CEO of BowX Acquisition Corp., said, "WeWork has long been a pioneer in establishing what the future of work could look like, and today cements the company's trajectory towards achieving this mission. With a strong leadership team in place and new platform offerings that will leverage WeWork's decade of expertise and proprietary technology, we can't imagine a business better equipped to lead continued growth in the flexible space market. While the pandemic has created many uncertainties, flexibility is here to stay and WeWork has the space and technology to power this global shift."
Today, WeWork is a transformed company primed to meet the growing demand for flexible space solutions. As evidenced by sequential monthly increases in revenue and occupancy in the third quarter of 2021, WeWork has demonstrated the resiliency of its business model and a strong long-term value proposition. Q3 2021 preliminary total revenue was $658 million, an increase of approximately 10% compared to Q2 2021 revenue of $593 million. Across consolidated operations, total occupancy continued to increase to 60% at the end of Q3 2021, up from 52% at the end of Q2 2021. Consolidated gross desk sales totaled 154,000 in Q3 2021 representing approximately 9.2 million square feet sold. Consolidated new desk sales totaled 84,000 in Q3 2021.
WeWork has also begun to realize new revenue opportunities by digitizing its real estate offerings and productizing its existing technology. As of Q3 2021, All Access, our pay-as-you-go or subscription-based product, and other virtual memberships have reached 32,000. The company has begun to build out its proprietary workplace management platform, WeWork Workplace, to offer landlords and members the ability to manage flex space across their portfolios and recently announced strategic partnerships with Hudson's Bay Company, Cushman & Wakefield and Ivanhoé Cambridge.
PJT Partners served as sole financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to WeWork. UBS Investment Bank served as sole financial and capital markets advisor to BowX. Cooley LLP served as legal counsel to BowX. UBS Investment Bank and PJT Partners acted as joint placement agents with respect to the private placement. Paul Hastings LLP served as placement agent counsel and Morrison & Foerster LLP served as legal counsel to SoftBank Group.
