Shares of Rite Aid Corp. fell 2% after hours on Wednesday after the drugstore chain said the New York Stock Exchange notified the company that it is “no longer in compliance” with the exchange’s minimum pricing and valuation standards, following a steep drop for the stock so far this year. The company said that it received the notice on Sept. 28, after its average market value over a 30 trading-day period slipped below $50 million, and after its average closing share price over that period fell below $1. The company has six months from the receipt of the notice, or until its next annual shareholder meeting, to regain compliance of the stock price requirement. The notice follows an 84% drop for the stock so far this year. Shares finished the regular session trading at 53 cents. Rite Aid said it “continues to review strategic alternatives” to shore up its finances.
Read the full article here