Drugstore chain Rite Aid may be delisted from the New York Stock Exchange as its share price sinks below $1, according to CNBC.
Here are three things to know:
1. During the past year, Rite Aid's shares have dropped 64 percent. The company's shares fell to 75 cents a share as of market close Jan. 3. The exchange requires share prices to be above $1 to comply with trading rules.
2. Rite Aid has broken NYSE's rule, as its share price has hovered under $1 for the past month, according to CNBC. As a result, the exchange warned Rite Aid it will be delisted in six months if it doesn't boost its share price above the $1 threshold for a month.
3. Rite Aid listed a reverse stock split in an attempt to increase its share price. A reverse stock split allows companies to combine shares to increase the price, according to the report.
More articles on pharmacy:
January's first drug price hikes average 6.3%: 5 notes
Judge blocks Trump administration policy cutting drug payments to hospitals
Biosimilars cost up to 80% more in the US than Europe: Here's why