We Co., the parent of office-sharing business WeWork, has more than one foot on its neck.
The New York-based operation co-founded by Adam Neumann has postponed its initial public offering until at least October after cutting its valuation but failing to stoke interest. Governance concerns are seen as a continued risk, but investors may soon focus on a more immediate threat: Dilutive triggers built into We’s capital structure will pose problems when the company again attempts to tap public markets.
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