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WeWork receives non-compliance notice from NYSE

Published 04/18/2023, 05:49 PM
Updated 04/18/2023, 05:52 PM
© Reuters. FILE PHOTO: The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021.  REUTERS/Brendan McDermid

(Reuters) - WeWork Inc said on Tuesday that it had received a non-compliance notice from the New York Stock Exchange, as its stock traded below $1 over a 30 day period.

The notice will not result in immediate de-listing and the company will have six months to regain compliance, the flexible workspace provider said.

Debt-laden WeWork last month struck deals to cut its debt by about $1.5 billion and extend the date of some maturities to preserve cash as it struggles to turn a quarterly profit since going public in 2021.

© Reuters. FILE PHOTO: The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021.  REUTERS/Brendan McDermid

The company benefited from a pandemic-driven shift to flexible work outside traditional offices but has been feeling the impact from mass layoffs across the tech sector.

WeWork shares have fallen 65% year to date, resulting in a market capitalization of $360.9 million, according to Refinitiv data. It was valued at as much as $47 billion in 2019.

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