Rite Aid board picks 1-for-20 of reverse stock split ratio

Rite Aid Corporation announced that its board of directors has approved a reverse stock split of the company’s common stock at a ratio of 1-for-20. The reverse stock split was previously approved by stockholders at a Special Meeting of Stockholders held on March 21, 2019. Rite Aid’s common stock will begin trading on a split-adjusted basis on the New York Stock Exchange at the market open on April 22, 2019. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 1.08B to approximately 54M.

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