Rite-Aid has been put on notice: its stock has been trading below the $1 borderline on the NYSE for the past month now, and must drag itself back over the line in six months or face delisting.
Faced with the same problem, Revlon made the same move just over a month ago - and their shares have recovered slightly since - but I commented at the time that it was the first time I'd seen that happen.
Given that Rite-Aid is still struggling to recover from its acquisitions, and the entire market is struggling to regain ground, I think it's unlikely they'll pull out of their nosedive in the near future, and a reverse-split will eventually occur.
I may be wrong about that ... or they may be able to effect a similar recovery after the reverse-split takes effect ... but I'm doubtful on both counts.
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