Rite Aid may conduct reverse stock split after NYSE says its no longer compliant with price rules
Rite Aid Corp. said Friday it has received a notice from the New York Stock Exchange informing it that it is no longer compliant with exchange rules after its stock failed to remain at least at $1.00 in a 30-day trading period. The company has six months to regain compliance and said it may conduct a reverse stock split. Rite Aid last year dropped an attempt to take over supermarket chain Albertson's after pushback from investors. The stock has fallen 64% in the last 12 months, while the S&P 500 has fallen 10%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.