WeWork shares sink after warning of bankruptcy risk

WeWork (NYSE:WE) warned of a possible bankruptcy in a stunning reversal of fortune for the shared workspace provider that four years ago was one of the world’s most prized startups with a valuation of $47 billion.

The SoftBank-backed company, valued at just $446.8 million as of last close, has been in turmoil ever since it filed its IPO paperwork in 2019 as investors pointed out governance issues involving its then founder-CEO Adam Neumann.

The company went public in 2021 through a SPAC merger after abandoning its IPO plans, but the struggles continued as investors doubted its business model while clients moved to hybrid work since the pandemic.

Philippines’ DoubleDragon considers Nasdaq SPAC listing for hotel arm

Philippine real estate company DoubleDragon Corp said on Tuesday it is considering listing its Singapore-registered unit Hotel101 Global on the U.S. Nasdaq via a merger with a SPAC.

DoubleDragon confirmed in response to a local media report that it was weighing the SPAC route as one option to accelerate the international expansion of hotel group Hotel101.

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Private-Jet Firm Wheels Up Seeks Rescue Funding

Wheels Up Experience Inc. (NYSE:UP) just got a fresh liquidity boost from its largest shareholder, Delta Air Lines Inc. (NYSE: DAL).

The struggling concierge jet-service firm has been seeking new financing from investors as its cash dwindles, according to people with knowledge of the situation. It has been working with Jefferies Financial Group Inc. and Kirkland & Ellis to explore options, including asset sales and cost cutting, to improve profitability.

The New York-based company, which lets customers book private charter flights by the hour, has garnered big-name investors including former LVMH executives and the consumer-focused private equity firm L Catterton, but has reported losses in every quarter since it went public through a reverse merger with Aspirational Consumer Lifestyle Corp. in mid-2021.

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