Camp Hill, Pa. Rite Aid Corp. said Monday it has delayed a previously announced reverse stock split, after the New York Stock Exchange suspended its minimum share-price-listing rule.
"The suspension provides Rite Aid with additional time and flexibility to regain compliance with the rule," the retailer said.
Rite Aid had originally announced plans in October for a 1-for-10, 1-for-15 or 1-for-20 reverse split after being notified by the NYSE that it was no longer in compliance with the share-price rule.
Shareholders approved the move in December, but late last month, the NYSE suspended application of the rule requiring a monthly average closing price of at least $1. The exchange's rule suspension is slated to last until June 30.