Rite Aid (RAD -1.5%) says shareholders approve a reverse stock split at the company's annual meeting, with 78% of shareholders voting in favor of the move.

RAD says its board will now choose on a ratio of 1-for-10, 1-for-15 or 1-for-20.

With the move, RAD will regain full compliance with NYSE listing rules if at the last trading day of any month during the six-month cure period ending July 3, the company has at least a $1.00 share price maintained over the preceding 30 consecutive trading days.

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