WeWork Inc stated last week that it had received a non-compliance notice from the New York Stock Exchange, due to its stock closing below $1 over a consecutive 30 trading-day period.
Shares of the flexible workspace provider continue to slide. The company will have six months to regain compliance.
The company had benefited from the shift to flexible working practices outside traditional offices driven by the pandemic but has been feeling a pinch from mass layoffs across the tech sector and shares have fallen over 65% year to date. Since their surging growth through the 2010s WeWork has been trying to focus on more profitable leasing deals in recent years.
WeWork says it is considering a number of available alternatives to cure its non-compliance. Currently, however, WeWork’s penny stock status precludes a range of possible investors as their value is too low to meet their investment parameters.