The New York Stock Exchange has started the delisting process for WeWork’s shares, following the company’s filing for bankruptcy protection in the US.
The co-working company’s class-A common stock will be delisted from the exchange, the NYSE said, with trading suspended.
The company has been deemed no longer suitable for listing by NYSE regulation, after the company filed for Chapter 11 bankruptcy protection in New Jersey in the US and Canada on 7 November.
This follows the company entering a restructuring support agreement with stakeholders that will ultimately see its outstanding stock cancelled upon completion of the plan, with no recovery for shareholders.
WeWork has a right to appeal the decision.
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