WeWork Puts IPO on Official Pause to Focus on Core Business (1)

WeWork is formally withdrawing the prospectus for its scrapped initial public offering, capping a botched effort to go public that cost its top executive his job.

“This puts an official pause on our process of becoming a public company,” Artie Minson and Sebastian Gunningham, who took over last week as co-chief executive officers of WeWork parent We Co., said in a note to staff Sept. 30. “Rest assured, WeWork will become a public company, but we can only IPO once and we want to do it right.”

WeWork’s bonds dropped to a record low. The 7.875% notes due in ...