WeWork said on Friday it will proceed with a one-for-forty reverse stock split of its outstanding class A and class C common stock, which was previously authorized by shareholders.
The reverse stock split will be effective at 4:01 p.m., Eastern Time, on September 1, 2023.
The company's stock has fallen 98% so far this year.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Krishna Chandra Eluri)
