WeWork Inc. WE, +0.23% said the departure of a board member caused the company’s stock to fall out of compliance with New York Stock Exchange listing requirements, according to a filing with the Securities and Exchange Commission late Thursday.
The company said board member Deven Parekh resigned from the company board last Friday, causing it to not have a majority of independent board members. Shares of WeWork were down 2.3% after hours Thursday, following a flat day to close at 26 cents a share. Year to date, shares have plummeted 82%, while the S&P 500 index SPX, +0.45% has gained 14.5%. Recently, WeWork stockholders voted in favor of a reverse stock split. and the company has lost executives while its bonds have crashed.