Trading was halted Monday for shares of WeWork, the once-prominent company at the forefront of the shared office space movement, following reports last week that indicated the company would soon file for bankruptcy protection.
Key Takeaways
Trading was halted for WeWork—which closed at just under 84 cents last week— because of “news pending,” according to the New York Stock Exchange.
WeWork’s stock declined by 66% last week, falling from $2.52 to a low of 82 cents, including a 46% drop after the Wall Street Journal reported the company planned to file for Chapter 11 bankruptcy.
The stock has decreased by 98.5% this year after opening at $60 on Jan. 3 and reached its highest point this year ($94.34) on Feb. 2.
WeWork did not immediately respond to a request for comment from Forbes.
https://www.forbes.com.au/news/investing/wework-shares-halted-amid-reports-of-bankruptcy/