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Illustration: Sarah Grillo/Axios

WeWork yesterday slammed the brakes on its beleaguered IPO, with sources saying that the process should resume in mid-to-late October.

  • Who's at fault? The "other guy," per multiple other guys. But everyone agrees that the calendar played a key role.

Between the lines: As of this past weekend, it was still all systems go. WeWork and SoftBank were hammering out final structure and size details of SoftBank's cornerstone IPO commitment, and bankers were booking ballrooms. The idea was to launch the roadshow either Monday or Tuesday, with a pricing next Thursday night into first trades on Friday.

That's when things get murky. I've heard that the SoftBank deal couldn't quite be finalized in time, although I've also heard it's all sewn up. I've heard that some big investors kept pushing for additional governance changes, but I've also heard that the book is effectively covered.

  • The IPO needed to launch by yesterday in order to price in September, as this isn't the sort of company that can afford a truncated roadshow.
  • Rosh Hashanah begins a week from this Sunday night, and Yom Kippur is the following week. It's generally considered disrespectful to roadshow during the Jewish high holidays, and it would have been a particular no-go for Israel-born CEO Adam Neumann.
  • That brings us to the week of Oct. 16.
  • WeWork could launch then, but only if it can do so with at least preliminary Q3 numbers. Company finance execs today have been charged with determining when those figures can be compiled and reported.
  • WeWork isn't saying much publicly, except putting out a statement last night that it expects to complete the IPO by year-end. Remember, the corresponding credit facility commitments expire if the public offering pushes past 2019.

The bottom line: This is obviously a negative event, with WeWork bonds tumbling deep on the news. And it provides more schadenfreude for those in Silicon Valley who want to see SoftBank suffer. At the same time, however, so far it's more of a procedural fail than a material one.

Go deeper: The battle over WeWork's IPO

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

8 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios