WeWork has been trying to deliver a turnaround story for years — one in which the rowdy co-working startup transforms into a stable, profitable public company. But the New York-based company has been bleeding cash, and customers of its office rentals are canceling memberships in droves, forcing the firm on Aug 8 to warned that it may not be able to stay afloat.
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.
Shares on Friday hit the lowest intraday level on record and closed at 14 US cents, an 11% decline.
