SoftBank funding completion: WeWork Board, governance changes become effective

KUALA LUMPUR, Oct 31 -- The We Company (WeWork) and SoftBank Group Corp (SoftBank) have announced that WeWork has received US$1.5 billion in funding, which was an acceleration of the existing payment obligation, approved by WeWork’s shareholders at US$11.60 per share. (US$1 = RM4.18)

In connection with the completion of the US$1.5 billion funding from SoftBank, several governance changes have been effective, including the reconstitution of the WeWork Board of Directors.

“The US$1.5 billion in funding that WeWork received today from SoftBank, positions the Company for the future and underlines Softbank’s steadfast belief in the business,” said WeWork Board of Directors executive chairman, Marcelo Claure.

The Board of WeWork has been reconstituted to include 10 members, initially consisting of five directors designated by either SoftBank or SoftBank Vision Fund; two directors designated by existing investors Benchmark Capital and Hony Capital; two directors not affiliated with WeWork; and, one director from the Special Committee of the Board.

Other governance changes that were effective include Claure’s appointment as Executive Chairman of the Board while Adam Neumann has become a Board observer.

-- BERNAMA