Rite Aid Proposes Plan To Stay Listed On NYSE [Forbes]
Rite Aid Corporation (RAD)
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Source: Forbes
Rite Aid Proposes Plan To Stay Listed On NYSE Vehicles sit at a stop light in front of a Rite Aid Corp. store in Los Angeles, California, U.S., on Sept. 20, 2016. (Photo: Patrick T. Fallon/Bloomberg © 2016 Bloomberg Finance LP Rite Aid’s board approved a “reverse stock split of the company’s common stock” in effort to comply with New York Stock Exchange listing rules, The announcement comes three weeks after Rite Aid disclosed it was “no longer in compliance with NYSE continued listing standards” and needed to take measures to boost its share price to regain good standing. Rite Aid shares have been spiraling downward following two failed mergers and a shakeup of the drugstore chain’s governance. The NYSE requires the “average closing price of a listed company’s common stock to be at least $1 per share over a consecutive 30 trading-day period,” Rite Aid said earlier this month. The reverse stock split still faces approval of Rite Aid shareholders. A special stockholders meet has been s
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