3. WeWork (the We Company) has struggled with their proposed IPO, so they offered the following changes relating to the founder, Adam Neumann:

• WeWork is changing the voting rights attached to Neumann's "high-vote stock," making it worth 10 votes a share instead of 20 and falling to one vote a share if he becomes permanently incapacitated or dies.
• Neumann has agreed to limit the amount of stock he can sell in the second and third year after the IPO to no more than 10% of his shareholdings. He will also pay back any profits he makes from his real-estate transactions with the company (self dealing).
• WeWork has also pledged that none of Neumann's family members will sit on its board.

(a) What is/are the signal(s) that WeWork is sending?

(b) Discuss the credibility of the signal(s)

(c) Give an interpretation of the signal(s) where they were considered bad news for potential IPO investors.