Bankruptcy | WEWORK INC | 10th November 2023
WeWork Inc announced on November 6, 2023 that it has commenced a comprehensive reorganization to strengthen its capital structure and financial performance and best position the Company for future success. To successfully achieve its goals, WeWork Inc. and certain of its entities filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and intend to file recognition proceedings in Canada under Part IV of the Companies? Creditors Arrangement Act. Trading in shares of WEWORK INC was halted on November 6, 2023. Solactive AG has determined the Bankruptcy to be final and will set the price of WEWORK INC to zero effective (close) November 7, 2023. Solactive AG will remove WEWORK INC from the indices effective (open) November 10, 2023. Please note, the final removal price will depend on the stock trading status. If it is trading on its primary exchange on the effective date, then the primary exchange closing price will be used. If it is not trading on its primary exchange but is trading on the OTC market on the effective date, then the OTC price will be used. If it is not trading on either its primary exchange or the OTC market, then the removal price will be zero.
- WEWORK INC will be removed from the Index.
- The weight of WEWORK INC (WE.N) based on its last close price will be distributed pro rata to remaining Index constituents.
- Effective Date (open): 10/11/2023
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