Aug 18 Reuters WeWork said on Friday it would proceed with a oneforforty reverse stock split to regain compliance with listing requirements, days after the flexible workspace provider raised substantial doubt over its ability to continue operations.

The company39;s shares have lost nearly all of their value since making market debut through a blankcheck merger in October 2021 at a muchreduced valuation. They were last down 23.6 at 12 cents on Friday.

WeWork, once privately valued at 47 billion, now has a market capitalization of about 336 million in a stunning reversal of fortune.

The SoftBankbacked company has been in turmoil ever since its plans to go public in 2019 imploded as investors worried over its hefty losses and began to doubt its business model of taking longterm leases and renting them for the short term.

WeWork earlier this month reported a 3 drop in total physical memberships from a year earlier, citing increasing competition, macroeconomic volatility and softer demand than anticipated.

Meanwhile, the company in the past year launched a series of steps to save cash such as exiting locations, cutting jobs and striking a deal to cut debt by about 1.5 billion and extend the date of some maturities.

In May, however, CEO Sandeep Mathrani, tasked with the company39;s turnaround resigned, followed by the exit of CFO Andre Fernandez in the same month.

WeWork in April received a noncompliance notice from the New York Stock Exchange after its stock closed…