(AOF) – Workspace provider WeWork is up 1.3% pre-market after announcing it would conduct a 1-for-40 stock split of its class common stock. A and Class C, effective September 1. WeWork, a New York firm launched in 2010, suffered a net loss of $397 million in the second quarter, of $0.21 per diluted share, against a loss of $0.76 a year earlier.
On August 8, the workspace provider warned the American stock market policeman that he feared for his survival. “There is substantial doubt about the Company’s ability to continue as a going concern,” WeWork said in a filing with the SEC.
The shared office operator was sounding the alarm given ‘expected losses and cash requirements, combined with rising member churn and current levels of liquidity’.