The NYSE issued a notice to the workspace-sharing company in the spring after shares closed below an average of $1 over a 30-day trading span.
and tumbled 14% before the opening bell Friday, to 13 cents apiece.about the New York company’s “ability to continue as a going concern” — which is accounting-speak for having the resources needed to operate and stay in business. WeWork pointed to increased member churn, financial losses and the need for cash, among other factors, over the next year.Inc. said Friday that the reverse stock split will be effective on Sept. 1.
The company doesn’t expect the reverse stock split to impact its current or future business operations. The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
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