Rite Aid shareholders are backing a plan to lift the struggling drugstore chain’s stock price and keep it from being kicked off the New York Stock Exchange.
Shareholders approved on Thursday a reverse split of the company’s stock that will cut down the number of shares traded and boost the price. Rite Aid said its board still has to decide the ratio of the split, which could involve exchanging one share for 10, 15, or 20.
Camp Hill, Pennsylvania-based Rite Aid Corp. said earlier this year it would try the reverse split after the Big Board warned that its shares could be removed if their closing price doesn’t consistently hit at least a dollar.
Rite Aid shares have largely slid since early 2017 and fell below that mark in December.
