Rite Aid (RAD) Announces Plans for Reverse Stock Split

Aid Corporation (NYSE: RAD) announced today that its Board of Directors has approved a reverse stock split of the company’s common stock. The Board’s decision is intended to ensure that Rite Aid is in full compliance
with the New York Stock Exchange (NYSE) listing rules. The reverse stock split is subject to stockholder approval.

The company said it was notified on October 16, 2008 by the NYSE that the average closing share price of its common stock had fallen below $1 per share over 30 consecutive trading days so that the company was no longer in compliance with the NYSE’s share price listing standard. Subject to the NYSE rules, Rite Aid has six months from the date of the notice to regain compliance with the minimum share price rule. During that time, Rite Aid’s common stock continues to be listed on the NYSE and trade as usual. Rite Aid is in compliance with all other NYSE listing rules.
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