It took just over one month for the new product to be listed on the open market. WeWorkAlready, investors have been skeptical.

According to the provider of flexible office spaces, regulatory filingOn Wednesday, it announced that financial results for 2020 as well as the first three quarters 2021 will be restated for sponsor of the special purpose acquisition firm (SPAC). This is because the public share count was incorrectly used in calculations.

Extended trading saw the stock drop to $7.86, down more than 5 percent after disclosure.

WeWork went publicBowX Acquisition Corp. was formed in October by Vivek Ranadadive, a former CEO of TIBCO Software and Sacramento Kings owner. On Wednesday, it was revealed that some of the stock BowX issued at its IPO (prior to combining with WeWork) was mistakenly classified “permanent” rather than “temporary”.

WeWork, in consultation with BowX’s accountant firm, stated that it had decided Nov. 29 that all SPAC financial reports from last year should be “restorated” to show all Public Shares as temporary capital. WeWork declared that the SPAC’s current reports “should not be relied upon anymore.”

WeWork’s latest setback is this announcement rescued in 2019By SoftBankThe company had to close due to excessive losses and an inordinate valuation. scrap its initial IPO plans. Adam Neumann, co-founder was oustedAs CEO, the company refocused its efforts to concentrate on office space.

WeWork has now admitted that it was negligent in its financial reporting and misclassification of shares. According to the company, this material weakness would be described in amended reports.