Rite Aid (RAD) has approved a reverse stock split to boost its stock price and regain compliance under NYSE listing rules. The company completed a 1-for-20 reverse stock split last week, swapping out every 20 shares for a single new share. Stockholders will have until the end of March 20 to vote by mail, phone, or online. They can also vote in person at the meeting on March 21.
Rite Aid shareholders should vote against the merger and sell the stock before the Albertsons shares are issued. The board of directors approved a 1-for-20 reverse stock split to keep the company’s stock from being delisted by the New York Stock Exchange. The reverse stock split will reduce the number of common stock issued and outstanding from about 1.08 billion to around 54 million.
The record date for stockholders’ eligibility to vote for the split is set on February 5. If approved, the stock split will allow the board to select from proposed options. The Board of Directors recommends voting “FOR” the reverse stock split proposal and “FOR” the adjournment.
Rite Aid’s board has set February 5, 2019 as the record date for stockholders entitled to vote at the special meeting. If stockholders approve the reverse stock split, they will be able to select from proposed options. The court-supervised process provides an orderly and efficient forum for Rite Aid to finalize and build consensus for the agreement in principle. According to preliminary tabulations, with approximately 987 million eligible votes cast, stockholders voted 78 in favor of the reverse split.
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