The Company intends to cure the deficiency
and return to compliance with NYSE listing standard
WeWork Inc. (NYSE: WE) (the “Company”), the leading global
flexible space provider, today announced that on April 12, 2023, it
received a notice (the “Notice”) from the New York Stock Exchange
(the “NYSE”) notifying the Company that it is not in compliance
with the NYSE’s continued listing standards because as of April 11,
2023, the average closing price of the Company’s Class A Common
Stock (the “Common Stock”) was less than $1.00 per share over a
consecutive 30 trading-day period. The Notice does not result in
the immediate delisting of the Company’s Common Stock from the
NYSE.
The Company intends to respond to the NYSE within ten business
days of receipt of the Notice affirming its intent to cure the
deficiency. Pursuant to the NYSE’s rules, the Company has a
six-month period following receipt of the Notice to regain
compliance with the NYSE’s minimum share price requirement.
The Company intends to consider a number of available
alternatives to cure its non-compliance with the applicable price
criteria in the NYSE’s continued listing standards. The Company can
regain compliance with the minimum share price requirement at any
time during the six-month cure period if, on the last trading day
of any calendar month during the cure period or on the last day of
the cure period, the Company has (i) a closing share price of at
least $1.00, and (ii) an average closing share price of at least
$1.00 over the 30 trading-day periods ending on the last trading
day of that month.
The Company’s Common Stock will continue to be listed and trade
on the NYSE during this period, subject to its compliance with
other NYSE continued listing standards. The receipt of the Notice
does not affect the Company’s business, operations or reporting
requirements with the Securities and Exchange Commission.
About WeWork
WeWork (NYSE: WE) was founded in 2010 with the vision to create
environments where people and companies come together and do their
best work. Since then, we’ve become one of the leading global
flexible space providers committed to delivering technology-driven
turnkey solutions, flexible spaces, and community experiences. For
more information about WeWork, please visit us at wework.com.
NO OFFER OR SOLICITATION
This communication is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities or
the solicitation of any vote or approval in any jurisdiction in
connection with the transactions or the stockholder approvals or
otherwise, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law.
In particular, this communication is not an offer of securities for
sale into the United States. No offer of securities shall be made
in the United States absent registration under the Securities Act
of 1933, as amended, or pursuant to an exemption from, or in a
transaction not subject to, such registration requirements.
IMPORTANT ADDITIONAL INFORMATION FILED WITH THE SEC
WeWork has filed with the SEC proxy statements (as amended or
supplemented from time to time, the “proxy statements”). BEFORE
MAKING ANY VOTING DECISION, WEWORK’S STOCKHOLDERS ARE URGED TO READ
THE PROXY STATEMENTS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE
FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS AND THE
STOCKHOLDER APPROVALS DESCRIBED THEREIN OR INCORPORATED BY
REFERENCE IN THE PROXY STATEMENTS (IF ANY) CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE TRANSACTIONS AND THE STOCKHOLDER
APPROVALS AND THE PARTIES TO THE TRANSACTIONS ALL AS DESCRIBED
THEREIN. WeWork’s stockholders and investors may obtain, without
charge, a copy of the proxy statements and other relevant documents
filed with the SEC (when available) from the SEC’s website at
www.sec.gov. WeWork stockholders and investors may also obtain,
without charge, a copy of the proxy statements and other relevant
documents (when available) by directing a written request to WeWork
Inc., 75 Rockefeller Plaza, New York, NY 10019, Attention: Investor
Relations or from WeWork’s website, www.investors.wework.com.
PARTICIPANTS IN THE SOLICITATION
WeWork and certain of its directors and executive officers and
employees may be considered participants in the solicitation of
proxies from the stockholders of WeWork in respect of the
stockholder approvals. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the
solicitation of the stockholders of WeWork in respect of the
stockholder approvals, including a description of their direct or
indirect interests, by security holdings or otherwise, is set forth
in the proxy statement filed with the SEC. Information regarding
WeWork’s directors and executive officers is contained in WeWork’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022 filed with the SEC, its Preliminary Proxy Statement on
Schedule 14A filed with the SEC on April 11, 2023, and its
Definitive Proxy Statement on Schedule 14A filed with the SEC on
April 13, 2023, and certain of WeWork’s Current Reports on Form
8-K, filed with the SEC on May 26, 2022, June 27, 2022, August 11,
2022, December 2, 2022, February 7, 2023 and February 21, 2023.
FORWARD-LOOKING STATEMENTS
Certain statements made herein may be deemed “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including any statements regarding
WeWork’s previously announced transactions intended to strengthen
its capital structure by restructuring its outstanding debt and
raising additional capital and the related stockholder approvals
(collectively, the “transactions”) and the stockholder approvals.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Although
WeWork believes the expectations reflected in any forward-looking
statement are based on reasonable assumptions, it can give no
assurance that its expectations will be attained, and it is
possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks, uncertainties and other factors. Such factors include, but
are not limited to, WeWork’s ability to complete the transactions
on the terms contemplated or at all and to realize the expected
benefits related thereto; WeWork’s ability to obtain the required
stockholder approvals; WeWork’s ability to cure the deficiency set
forth in the Notice and for its equity securities to remain listed
on the NYSE; WeWork’s ability to refinance, extend, restructure or
repay outstanding debt; its outstanding indebtedness; its current
and projected liquidity needs to operate its business and execute
its strategy, and related use of cash; its ability to raise capital
through equity issuances, asset sales or the incurrence of debt;
WeWork’s expectations regarding its ability to continue as a going
concern; retail and credit market conditions; higher cost of
capital and borrowing costs; impairments; changes in general
economic conditions, including as a result of the COVID-19
pandemic, the conflict in Ukraine and disruptions in the banking
sector, and the impact of such conditions on WeWork and its
customers; WeWork’s expectations regarding its exits of
underperforming locations, including the timing of any such exits
and ability to retain its members; delays in customers and
prospective customers returning to the office and taking occupancy,
or changes in the preferences of customers and prospective
customers with respect to remote or hybrid working, as a result of
the COVID-19 pandemic leading to a parallel delay, or potentially
permanent change, in receiving the corresponding revenue; the
impact of foreign exchange rates on WeWork’s financial performance;
and WeWork’s inability to implement its business plan or meet or
exceed its financial projections. Forward-looking statements speak
only as of the date they are made. WeWork discusses these and other
risks and uncertainties in its annual and quarterly periodic
reports and other documents filed with the SEC. WeWork undertakes
no duty or obligation to update or revise these forward-looking
statements, whether as a result of new information, future
developments, or otherwise, except as required by law.
Source: We Work Category: Investor Relations
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230418006066/en/
Investor Relations: Kevin Berry investor@wework.com Press:
Nicole Sizemore press@wework.com
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