Retail News Breaks Archives
Rite Aid share price back in compliance with NYSE
March 1st, 2011
CAMP HILL, Pa. – Rite Aid Corp. has received notice from the New York Stock Exchange that it has regained compliance with the exchange's minimum share price listing requirement.
NYSE requires the average closing price of a listed company's common stock to be at least $1 per share over a consecutive 30 trading days. Rite Aid said Tuesday that it was back in compliance after its closing share price on Feb. 28 and its average closing share price for the 30 days of trading ended on that day were above $1.
Rite Aid shares closed at $1.01 on Jan. 13 and haven't fallen below $1 since then, reaching a high of $1.41 during the 30 trading-day period and finishing at $1.31 on Feb. 28.
The drug store chain, which has continued to trade as usual on the NYSE, said it's now in compliance with all NYSE listing rules. As of Feb. 28, its shares had a 52-week high of $1.77 and a low of 86 cents.
Rite Aid was notified by NYSE on July 30 that it had fallen out of compliance with the minimum share price rule. Its stock closed at 98 cents on that date and had slipped below $1 on June 30, with shares ranging from a low of 88 cents to a high of 99 cents during that time span.
The retailer reported last August that on July 27 its board approved a reverse split of the company's common stock if such a move was necessary to cure the price deficiency. The previous summer, Rite Aid had canceled a reverse stock split after regaining compliance with NYSE's minimum share price requirement.