(Reuters) – WeWork Inc said on Tuesday that it had received a non-compliance notice from the New York Stock Exchange, as its stock traded below $1 over a 30 day period.
The notice will not result in immediate de-listing and the company will have six months to regain compliance, the flexible workspace provider 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)
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