Rite Aid To Reverse Stock Split At 1-for-20 Ratio

(RTTNews) - Rite Aid Corp. (RAD) Wednesday announced its board has approved a reverse stock split of common stock at a ratio of 1-for-20 to maintain NYSE listing compliance.

The reverse stock split was previously approved by stockholders at a Special Meeting of Stockholders held on March 21, 2019.

Rite Aid's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange at the market open on April 22, 2019. The reverse stock split will reduce the number of shares of common stock issued and outstanding from about 1.08 billion to around 54 million.

The objective of the reverse stock split is to ensure that Rite Aid regains full compliance with the NYSE share price listing rule and maintains its listing on the NYSE.