© Reuters. A sign is seen outside offices run by WeWork in Philadelphia, Pennsylvania, U.S. September 30, 2019. REUTERS/Mark Makela
(Reuters) -WeWork on Friday said it would proceed with a one-for-forty reverse stock split in order to regain compliance with listing norms, days after it raised “substantial doubt” over its ability to continue operations.
Founded by Adam Neumann and Miguel McKelvey in 2010, WeWork had a tumultuous path to become a publicly-listed company.
Below is a timeline of notable WeWork developments since mid-2019:
Aug 2019 WeWork filed for an initial public offering (IPO)
and published detailed financial statements that
showed it lost almost $700 million in the first
half of 2019 while doubling its revenue.
Sept 2019 WeWork said it planned to proceed with an
investor roadshow for its IPO, despite concerns
over the valuation it could achieve in a listing.
Sept 2019 WeWork said it planned to list its stock on the
Nasdaq and announced changes to its corporate
governance, including curbs in the voting power
of CEO Adam Neumann.
Sep 2019 Co-founder Neumann agreed to resign as CEO,
bowing to pressure from some investors.
Sep 2019 WeWork filed to withdraw its IPO as the potential
valuation dropped as low as $10 billion, from $47
billion in January 2019.
Nov 2019 WeWork said it would lay off around 2,400
employees globally, as it sought to drastically
cut costs and stabilize its business.
Feb 2020 WeWork named real estate industry veteran Sandeep
Mathrani as its new CEO.
Mar 2021 WeWork disclosed in a presentation to prospective
investors that it had lost $3.2 billion in 2020.
Mar 2021 WeWork agreed to go public through a merger with
blank-check firm BowX Acquisition Corp
Oct 2021 WeWork went public via a SPAC deal.
May 2022 WeWork appointed Andre Fernandez as its chief
financial officer, replacing Benjamin Dunham.
Nov 2022 WeWork said it would exit about 40
underperforming U.S. locations.
Jan 2023 WeWork said it would cut about 300 roles globally
as part of efforts to cut back on underperforming
locations.
Mar 2023 WeWork struck deals to cut debt by about $1.5
billion and extend the date of some maturities,
in a bid to preserve cash as it felt the heat of
mass layoffs on its business.
Apr 2023 WeWork 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.
May 2023 WeWork said CEO Sandeep Mathrani would step down,
effective May 26.
May 2023 CFO Andre Fernandez said he would resign on June
1, less than a year into the role.
Aug 2023 WeWork raised “substantial” doubt about its
ability to continue as a going concern, and said
three board members had stepped down.
Aug 2023 WeWork said it would proceed with a
one-for-forty
reverse stock split
to regain compliance with listing
requirements.
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