WeWork said the company’s future is dependent on its ability to “improve liquidity and profitability over the next 12 months”.

The plan involves raising additional capital through the issuance of stocks or bonds, or asset sales.

In March, WeWork said it had struck deals with Softbank and other investors to reduce its debt by around $1.5bn.

Shares in the company have fallen by more than 95pc in the last year but were down by a further 20pc in after-hours trading after Tuesday’s announcement.

The company, once valued at $47bn, is now worth $450m.

It has 512,000 members across 610 locations with a current occupancy rate of 72pc.

The company’s first attempt to go public collapsed spectacularly in 2019 over fears around its business model and the leadership style of co-founder Adam Neumann.

Mr Neumann stepped down as chief executive in September 2019.

WeWork was listed two years later in a deal that valued it at $9bn, roughly a fifth of its estimated value in 2019.