WeWork plunges another 11% after announcing reverse stock split to try and keep NYSE listing
Publishing timestamp: 2023-08-18 16:18:14
Summary
WeWork, the office-sharing company once valued at $47 billion, announced that it will undergo a 1-for-40 reverse stock split in an attempt to retain its NYSE listing. The stock has been trading under $1 since late March and fell another 11% to 14 cents after the announcement. WeWork's market cap now sits at around $300 million. The reverse stock split will not improve the company's financials or valuation, but it would lift the stock price to $5.60. WeWork has been facing mounting losses and dwindling cash, raising doubts about its ability to continue as a going concern. The company has suffered a significant corporate collapse in recent years, and its stock has lost 98% of its value since the end of 2021.
Sentiment: NEGATIVE
Tickers: WE,
Keywords: wework inc, technology, social media, business news, breaking news: technology, business,