The Latest SPAC News and Rumors: August 21, 2023


The Latest SPAC News and Rumors: August 21, 2023

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: WeWork plunges another 11% following reverse stock split announcement

WeWork Plunges Another 11% After Announcing Reversing Stock Split To Try And Keep NYSE Listing 

WeWork (NYSE:WE), the office-sharing company once valued at $47 billion, said Friday it will undergo a 1-for-40 reverse stock split to try and keep its stock from being delisted.

The shares fell 11% after the announcement, closing at 14 cents. They’ve been trading under $1 since late March, and the company’s market cap now sits at around $300 million.

“The Reverse Stock Split is being effected to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on the New York Stock Exchange,” WeWork said in a filing with the SEC.