WeWork Inc (WEWKQ)

[lucky, mydog]

Reasons for Delay

As previously disclosed, on November 6, 2023, the Company and certain of its direct and indirect subsidiaries filed voluntary petitions to commence proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey (the “Chapter 11 Cases”). During the pendency of the Chapter 11 Cases, the Company’s management team and other financing, accounting and administrative personnel have devoted significant time and attention to materials and workflows required in connection with the Chapter 11 Cases, including proposed disclosures in the Form 10-Q.

In addition, as previously disclosed in a Current Report on Form 8-K filed on November 13, 2023, Ernst & Young LLP has informed the Company that it will not seek to be retained as the Company’s independent registered accounting firm and will therefore no longer provide audit services to the Company and its subsidiaries during the Chapter 11 Cases, including completing their review of the Company’s financial statements for the period ended September 30, 2023. The Company has commenced the process of engaging a new independent auditor, which will cause further delays.

Due to both the time and attention required by the Chapter 11 Cases and to retain a new independent registered accounting firm, the Company is unable to timely file its Form 10-Q without unreasonable effort or expense and is unable to estimate when it will be able to complete and file the Form 10-Q.