Troubled co-working startup WeWork announced on Tuesday that it is sensing “substantial doubt” over its ability to stay in business, and its plans to replace three board members. This led its shares to drop 24% during extended trading.

The company, which saw a costly failed public flotation bid in 2019 and mass layoffs, has lost a high number of office rental members while stock plummeted by 85% this year, trading at 19 cents.

Despite some recovery from its Covid-hit occupancy rate and a US$1.5 billion debt reduction deal, CEO Sandeep Mathrani unexpectedly quit in May, leaving the company in search of its latest leader.