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Rite Aid board approves reverse stock split.

Rite Aid announced that its Board of Directors has approved a reverse stock split of the company's common stock. The reverse stock split is intended to enable Rite Aid to regain full compliance with the New York Stock Exchange listing rules. The reverse stock split is subject to stockholder approval. The company plans to hold a Special Meeting of Stockholders, at which stockholders are being asked to vote on a proposal to adopt and approve the reverse stock split, at 8:30 a.m., local time, on March 21 at the offices of Skadden, Arps, Slate, Meagher & Flom, LLP in New York. Rite Aid's Board has set February 5 as the record date for stockholders entitled to vote at the special meeting. If stockholders approve the reverse stock split, Rite Aid's Board will select a reverse stock split ratio of either 1-for-10, 1-for-15 or 1-for-20 so that, depending on the ratio chosen, either 10, 15 or 20 shares of issued and outstanding common stock will convert into one share of common stock. The price of each common share is expected to increase so that a stockholder would have fewer but higher priced shares. A reverse stock split would not have any impact on the voting and other rights of stockholders, and will have no impact on the company's business operations or any of its outstanding indebtedness.

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Publication:The Fly
Date:Jan 25, 2019
Words:226
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