WeWork’s parent is planning substantive oversight changes ahead of a planned initial public offering, The We Co. said in a filing Friday with the Securities and Exchange Commission, and reportedly has slashed its target IPO valuation.

The filing, which aims to lure investors by reducing the influence of co-founder and CEO Adam Neumann, comes amid reports SoftBank, which has a 29% stake in WeWork, is pushing the company to delay or scrap the planned Nasdaq IPO.

Investors have expressed concerns about the company’s business model as well as the governance issues.

The SEC filing indicates the role of super voting shares held by Neumann is being pared back, reducing the number of votes to which each Class A share is entitled to 10 from the original 20. In the event of Neumann’s death or incapacitation, those extra votes would be reduced to one. Neumann, 40, currently holds 2.4 million shares, compared with 32.6 million in the hands of venture capital firm Benchmark Capital Partners.

The filing also spells out a succession plan, eliminating a succession committee headed by Neumann’s wife. No family member will sit on the board, the filing promises.

Neumann had pledged not to sell any stock in the first year following an IPO. Friday’s filing restricts any sales in the second and third year to 10% of his holdings. The filing also pledges profits from real estate transactions to the company. Newmann recently gave back a $5.9 million stock payment for turning the “We” family trademark over to the company.

The Wall Street Journal reported the company is eying a $20 billion valuation for the IPO. Reuters reported it could be as low as $10 billion to $12 billion. Research firm CB Insights earlier had put the valuation at $47 billion on the private market but investor attraction to money-losing techs appears to be waning.

WeWork lost $904 million for the first six months of the year despite doubling revenue to $1.5 billion in revenue compared with the same period last year. Losses total $4.2 billion since the start of 2016. The company, which offers coworking spaces in more than 100 cities internationally, was founded in 2010 by Neumann and Miguel McKelvey, who is the chief culture officer.

CNBC’s Jim Cramer called on the company to junk the IPO.

“I don’t want WeWork at any price,” Cramer said. “There are certain deals that can come and they can just really take the air out of any market.”

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