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Rite Aid shareholders approve plans for reverse stock split

Ciara Linnane

Rite Aid Corp. said Thursday that shareholders at its annual meeting have approved a plan for a reverse stock split. The drugstore chain said 78% of shareholders voted in favor of the move. The company's board will now decide on a ratio of either 1-for-10, 1-for-15 or 1-for-20. The aim is to help the company regain full compliance with New York Stock Exchange listing rules, which require that the price remains at $1.00 for 30 straight trading days. The stock was last quoted at 68 cents, down 2% on the day. Shares have fallen 56% in the last 12 months, while the S&P 500 has gained 4%.