![WeWork to proceed with 1-for-40 reverse stock split](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ7H0EY_L.jpg)
(Reuters) – WeWork mentioned on Friday it’s going to proceed with a one-for-forty reverse inventory cut up of its excellent class A and sophistication C frequent inventory, which was beforehand licensed by shareholders.
WeWork shares had misplaced virtually 98% of its worth this 12 months, approaching near-zero earlier within the month, after the corporate warned it may go bankrupt.
The reverse inventory cut up is being applied to extend the corporate’s per share buying and selling value and to regain compliance with the $1.00 per share minimal closing value required to take care of continued itemizing on the New York Inventory Change, WeWork mentioned.
The reverse inventory cut up will likely be efficient at market shut on September 1.