The company will replace 40 of its current shares for a single new share, aiming to elevate its share price above the NYSE’s required $1 benchmark.

The company’s stock, which once boasted a value of $13.71 (around £10.75) in April 2021, closed at a meagre 14 cents (£0.11) on Friday – a staggering 99% plunge from its peak.

Once valued at $47 billion (around £37bn) by SoftBank, WeWork’s market value has since plummeted to under $300 million (£235m). While this reverse stock split manoeuvre addresses its immediate listing compliance, WeWork has openly expressed “substantial doubt” regarding its sustainability as a business entity.

This reversal is set to be executed after the market’s closure on September 1. As per Refinitiv data, since the stock price fell under the $1 mark on 10 March, it has consistently struggled to regain its position, barring one trading session. After being warned by the NYSE in April about their declining stock value, the company received shareholders’ approval in June to proceed with the reverse stock split.