Wework slid over 5% in extended trading as it will restate the financials of its SPAC sponsor for 2020 and 2021

Wework slid over 5% in extended trading as it will restate the financials of its SPAC sponsor for 2020 and 2021.WeWork said in a regulatory filing that it will restate the financials of its SPAC sponsor for 2020 and 2021 after finding that it used the wrong public share count.

The company said the SPAC’s reported results for those periods “should no longer be relied upon.”

It also said management concluded that “there was a material weakness in internal control over financial reporting.”