A customer enters a Rite Aid Corp. store in Mechanicsburg, Pennsylvania, U.S. on Thursday, Dec. 15, 2011. "Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 1.08 billion to approximately 54 million," Rite Aid said in a statement Wednesday afternoon. The announcement regarding the reverse stock split comes a day ahead of Rite Aid's fiscal fourth quarter earnings report, which could include an update on the search for a successor to Standley. In January, 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. The price of Rite Aid shares was trading at less than 60 cents Wednesday afternoon.

Source: Forbes April 10, 2019 20:47 UTC