As a result of its stock closing below $1 on average over a string of 30 trading days, WeWork Inc (WE.N) disclosed on Tuesday that it had received a non-compliance warning from the New York Stock Exchange.
In aftermarket trading, shares of the provider of flexible workspace were down 2% at 48 cents.
According to WeWork, the company will have six months to get back in compliance after receiving the notice rather than being immediately delisted.
Debt-laden In order to preserve cash as it struggles to make a quarterly profit since coming public in 2021, WeWork last month reached agreements to reduce its debt by around $1.5 billion and postpone the maturity dates of several obligations.
Although the company profited from a pandemic-driven move to flexible work outside of traditional offices, the impact of widespread layoffs in the tech sector has been felt.
According to Refinitiv statistics, the market value of WeWork is $360.9 million after the stock has dropped 65% year to date. In 2019, it may have been worth up to $47 billion.