When SoftBank Group Corp. arranged a $9 billion purchase of Uber Technologies Inc. stock in late 2017, the company negotiated for two seats on the board. Since then, foreign investment in the U.S. has come under heightened scrutiny. Those spots were never filled, and there’s a good chance they never will be.
The Japanese technology conglomerate will lose its claim to those board positions when Uber goes public, people familiar with the matter said. At that time, the company’s bylaws will change, erasing old agreements like the one it had with SoftBank.