WeWork to implement 1-for-40 reverse stock split

WeWork will proceed with a 1-for-40 reverse stock split of its outstanding shares of Class A Common Stock and Class C Common Stock following approval by its Board of Directors and within the ratio range previously authorized by shareholders at the annual meeting of WeWork shareholders on June 12. The reverse stock split will be effective at 4:01 p.m., ET, on September 1. The company’s Class A Common Stock will begin trading on a post-split basis at the market open on September 5. The reverse stock split is being effected primarily to increase the company’s per share trading price and to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on the NYSE. The company does not expect the reverse stock split to impact its current or future business operations.