WeWork Inc. Announces 1-For-40 Reverse Stock Split, Will Begin Trading On A Split-adjusted Basis At The Market Open On September 5, 2023
Portfolio Pulse from Happy Mohamed
WeWork Inc. (NYSE:WE) has completed a 1-for-40 reverse stock split of its Class A and Class C Common Stock. The split is effective from 4:01 p.m. Eastern Time today, and the Class A Common Stock will begin trading on a split-adjusted basis on September 5, 2023. The move is aimed at regaining compliance with the $1.00 per share minimum closing price required for continued listing on the NYSE. The company does not expect the split to impact its current or future business operations.
September 01, 2023 | 8:20 pm
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WeWork's reverse stock split is aimed at regaining compliance with the NYSE's minimum share price requirement. The company does not expect the split to impact its business operations.
The reverse stock split is a significant event for WeWork as it aims to regain compliance with the NYSE's minimum share price requirement. However, the company has stated that it does not expect the split to impact its current or future business operations, suggesting that the move is primarily a financial restructuring rather than a reflection of operational changes. Therefore, while the news is highly relevant, its impact on the company's stock price in the short term is uncertain.
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