We Company To List On Nasdaq, Makes Governance Changes After Feedback

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The We Company (WE), in an amended initial public offering filing, said it will list its shares on the Nasdaq (NDAQ).

Further, the company is making a number of changes to its proposed governance structure "in response to market feedback."

We's board of directors and Adam Neumann have agreed to implement the following changes to its governance structure: The company will appoint a lead independent director by the end of the year; Its high-vote stock will decrease from 20 votes per share to 10 votes per share; The voting power of its high-vote stock will sunset and automatically decrease to one vote per share in the event that Neumann becomes permanently incapacitated or dies; No member of Neumann's family will sit on the board; Any chief executive officer who succeeds Neumann will be selected by the board of directors, acting as a group; Neumann will give to the company any profits he receives from the real estate transactions he has entered into with the company.

 

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