{"id":2004829,"date":"2023-08-18T12:26:01","date_gmt":"2023-08-18T16:26:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wework-seeks-to-regain-listing-compliance-with-1-for-40-reverse-stock-split\/"},"modified":"2023-08-18T12:28:54","modified_gmt":"2023-08-18T16:28:54","slug":"wework-seeks-to-regain-listing-compliance-with-1-for-40-reverse-stock-split","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wework-seeks-to-regain-listing-compliance-with-1-for-40-reverse-stock-split\/","title":{"rendered":"WeWork aims to comply with listing rules through 1-for-40 reverse stock split."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwework-seeks-to-regain-listing-compliance-with-1-for-40-reverse-stock-split%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004829&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>WeWork to Proceed with Reverse Stock\u2064 Split<\/h2>\n<h3>By \u200cShivansh Tiwary\u2064 and Kannaki Deka<\/h3>\n<blockquote>\n<p>WeWork announced on Friday that \u2062it will proceed with a\u200d one-for-forty <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bed-bath-beyond-struggles-to-avoid-bankruptcy\/\" title=\"Bed Bath &#038; Beyond Struggles to Avoid Bankruptcy\">reverse stock split<\/a> in order to regain compliance with listing \u200crequirements. This comes just days after \u2063the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wework-seeks-to-regain-listing-compliance-with-1-for-40-reverse-stock-split\/\" title=\"WeWork aims to comply with listing rules through 1-for-40 reverse stock split.\">flexible workspace provider \u200craised<\/a>\u200b &#8220;substantial doubt&#8221; over its ability to continue operations.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">\n<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The company&#8217;s shares have lost \u200cnearly all of their value since making their market debut through a blank-check merger in October 2021. They were last down 23.6% \u2064at 12 cents on\u200c Friday.<\/p>\n<p>WeWork, once privately valued at $47 billion,\u2062 now has a market capitalization of about $336 million,\u2063 marking \u2062a\u200b stunning reversal of fortune.<\/p>\n<p>The SoftBank-backed company has faced turmoil since its\u200b failed attempt \u200bto go public in 2019. Investors grew \u200bconcerned \u200babout its \u200dhefty losses and\u2063 began\u200b to doubt\u200d its business model of taking long-term leases and renting them \u2063for the short term.<\/p>\n<p>WeWork reported a 3% \u2063drop in total physical memberships from a year earlier, citing increasing competition, macroeconomic volatility, and softer demand than anticipated.<\/p>\n<p>Meanwhile, the \u2062company has taken several steps to save \u2063cash, including exiting locations, cutting jobs, and reducing debt by\u200b about $1.5\u2064 billion.<\/p>\n<p>In May, CEO Sandeep\u2063 Mathrani\u2064 resigned, followed by the exit of CFO Andre Fernandez. <\/p>\n<p>WeWork received a\u200d non-compliance notice from the New York Stock Exchange in April and had six months to regain\u200c compliance.<\/p>\n<p>The reverse stock split, which consolidates the \u2064number of \u2064existing shares \u200dinto fewer shares, will help the\u200b company regain compliance with the minimum closing price required for \u200ccontinued\u200d listing.<\/p>\n<p>&#8220;It could\u2063 suggest that they\u2063 are \u2064still figuring out or exploring ways to raise more capital,&#8221; said\u200b Mizuho Securities analyst Vikram Malhotra.<\/p>\n<p>The reverse stock split, authorized \u200bby shareholders in June, will be effective at market close on Sept. \u20641, according\u2064 to the company.<\/p>\n<p>(Reporting \u200cby Shivansh Tiwary\u200c and Kannaki Deka in Bengaluru, additional reporting by Pratyush Thakur; Editing by Krishna Chandra Eluri and Sriraj Kalluvila)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/wework-seeks-to-regain\/attachment\/file-photo-wework-offices-in-san-francisco\/\"><\/a><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Prosecutors \u2062announce a major break in the murder \u200dof Microsoft executive\u2063 Jared Bridegan. One \u2062America&#8217;s Taylor Tinsley has the\u200b latest.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>President Robert l. \u200bpeters\u200b has some explaining to do while Georgia State Senator Colton Moore moves to Defend Trump<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>During \u2064his remarks on \u200dthe one-year\u2062 anniversary of the \u200bso-called\u200c &#8216;Inflation-Reduction Act&#8217;, Biden challenged anyone to name\u2063 a\u200d single thing the United States has set out to \u2063accomplish\u200c under his \u2063Administration and \u200bfailed.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Former White House\u2063 Chief\u2064 of Staff Mark \u2063Meadows filed \u2062Tuesday to \u2064move the \u2062case brought against him by Fulton County District Attorney Fani Willis to\u2062 federal court. <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>By Jaspreet Singh and Max A. Cherney (Reuters) \u200d-Semiconductor equipment maker Applied Materials \u200bon\u200b Thursday forecast \u200bits\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/microsoft-earnings-hurt-by-slowing-pc-sales-stronger-dollar\/\" title=\"Microsoft earnings hurt by slowing PC sales, stronger dollar\">fourth-quarter profit<\/a> would be substantially\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Microsoft \u2064is \u2064planning to\u2064 start selling a new version of \u2062Databricks software that helps customers make AI apps for their\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>By\u200c Jonathan Stempel (Reuters) \u2013\u200b A U.S. federal judge on \u2064Thursday dismissed a lawsuit accusing YouTube of restricting or removing videos from\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>By Zeba\u200d Siddiqui SAN FRANCISCO (Reuters) -Google-owned U.S. cybersecurity\u2062 firm Mandiant said on Thursday it had seen \u2064increasing\u2063 use\u2063 of artificial \u2064intelligence\u2026 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WeWork plans a one-for-forty reverse stock split to meet listing requirements after expressing uncertainty about its future. The company&#8217;s shares have drastically declined in value since entering the market.<\/p>\n","protected":false},"author":66,"featured_media":2004830,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2004829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004829"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004830"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}