WeWork Inc.
WE,
shareholders overwhelmingly voted yes to a reverse split of the company’s stock, according to a filing with the Securities and Exchange Commission late Friday. Shareholders approved a reverse split on the company stock in a range between 1-for-10 and 1-for-40, and the board will decide the final ratio. The vote carried with 598 million shares voting for, nearly 5 million voting against, and fewer than 150,000 abstaining. Shares of WeWork were up 0.4% after hours Friday, following a 13.2% gain during the regular session to close at 25 cents a share. Year to date, shares have plummeted 82.8%, while the S&P 500 index
SPX,
has gained 14.9%. Recently, the company has lost executives and the company’s bonds have crashed.