WeWork said on Friday it will proceed with a one-for-forty reverse stock split of its outstanding class A and class C common stock, which was previously authorized by shareholders.

The reverse stock split will be effective at 4:01 p.m., Eastern Time, on September 1, 2023.

The company's stock has fallen 98% so far this year.

(Reporting by Shivansh Tiwary in Bengaluru; Editing by Krishna Chandra Eluri)