Rite Aid is currently in negotiations for a bankruptcy plan that would result in the closure of approximately 400 to 500 stores. According to sources familiar with the discussions between Rite Aid and its creditors, bondholders are pushing for an even larger number of pharmacy locations to be liquidated.
Southwest Gas Subsidiary Files for IPO
Southwest Gas Holdings has announced that its subsidiary, Centuri, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. This move comes as the company plans to spin off its utility infrastructure services business. After-hours trading saw a 2.2% decrease in Southwest Gas Holdings shares, which now stand at $60.97.
Vaccinex Announces Reverse Stock Split
Vaccinex has revealed its plans to effect a 1-for-15 reverse stock split. The company has stated that its shares will begin trading on a split-adjusted basis starting on September 26. This move is being made in order to ensure that the company remains in compliance with the Nasdaq Capital Market’s minimum bid price of $1. After-hours trading showed a 6.5% decrease in Vaccinex shares, which are now valued at 14 cents.