Rite Aid Stock Woes Threaten Listing

SN STAFF

CAMP HILL, Pa. — Rite Aid's sagging stock price has put it in danger of being delisted by the New York Stock Exchange, the chain here said.

The drug retailer said it was notified by the NYSE July 30 that it was no longer in compliance with exchange rules stating that a company must maintain an average closing price of at least $1 per share over a consecutive 30-day period.

Rite Aid has six months to regain compliance. Its board of directors approved a reverse split of the company's stock, subject to shareholder approval, if such a split is necessary to cure the price deficiency, the company added.