(Bloomberg) -- WeWork Inc., the troubled co-working company on the brink of collapse, is moving forward with a 1-for-40 reverse stock split in a bid to save its listing on the New York Stock Exchange.Most Read from BloombergChina Evergrande Group Files Chapter 15 Bankruptcy in New York‘Poor Man’s Cocaine’ Costing $3 a Pill Threatens to ProliferateGoldman Plans Hiring Spree to Fix Lapses After Increased Fed ScrutinyNiger Soldiers Killed in Attacks by Armed Group, Ecowas SaysChina’s Hidden Financi
Shares fell as much as 24% to 12 cents in premarket trading.
The reverse stock split will go into effect at 4:01 p.m. New York time on Sept. 1 and begin trading on a post-split basis at the market open on Sept. 5, WeWork said in a statement Friday. The split will be done to regain compliance with listing requirements and isn’t expected to affect operations, the company said in a statement.
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