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We Company Stock Approved For Listing; Announces Changes To Governance Structure

The We Company said its Class a common stock has been approved for listing on the Nasdaq Global Select Market, under the symbol, WE. The We Company will be a "controlled company" under the corporate governance rules for Nasdaq-listed companies. Following the completion of the proposed offering, Adam Neumann, Co-Founder and CEO, will control a majority of the company's outstanding voting power.

The We Company said said it is making a number of changes to its proposed governance structure in response to market feedback. As part of the changes, the high-vote stock will decrease from 20 votes per share to 10 votes per share. The We Company will appoint a lead independent director by the end of the year. The company will maintain a board consisting of a majority of independent directors. Any chief executive officer who succeeds Adam will be selected by the company's board. No member of Adam's family will sit on the company's board.

The company said it does not expect to pay dividends on Class A common stock or Class B common stock in the foreseeable future.

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