WeWork Inc said on Tuesday that it had received a non-compliance notice from the New York Stock Exchange, as its stock closed below $1 on average over a consecutive 30 trading-day period.
Shares of the flexible workspace provider were down 2% at 48 cents in aftermarket trade.
The notice will not result in immediate de-listing and the company will have six months to regain compliance, WeWork 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. 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. (Reporting by Pratyush Thakur in Bengaluru; Editing by Anil D'Silva)
