WeWork plans to list its shares on the Nasdaq

NEW YORK (AP) — WeWork's parent company is revealing more of its initial public offering plans, saying it expects to list shares on the Nasdaq.

The company also announced corporate governance changes in response to market feedback, including limiting the role of the founder's family on its board of directors.

The We Co. disclosed the information in a regulatory filing on Friday.

Founded as a co-working space in Manhattan in 2010, WeWork has grown to become among the biggest corporate landlords in some cities. It mostly makes money by renting buildings and dividing them into office spaces to sublet to members.

WeWork, whose IPO is expected this month, will be the latest money-losing enterprise to test its luck on the stock market this year, following Uber and Lyft. The company's revenue has more than doubled annually over the last few years, but its losses have grown just as quickly. Last year it lost $1.61 billion while bringing in $1.82 billion in revenue.

A recent filing shows the company on track for another year of impressive growth, having generated $1.54 billion in the first half of 2019. But it also lost $689.7 million in that same period.

Aside from subletting space, WeWork has branched out widely, from acquiring a marketing software company to launching a business-focused school for children and buying a large stake in a wave pool company. It has cast itself as transformative force, changing the way people work and live. The company is one of the most highly valued privately held companies in the world, at $47 billion.

In its plans to go public, WeWork previously outlined a number of risks. It warned that because it has been spending so heavily to grow its business, the company may be unable to achieve profitability. WeWork said it expects to expand...