Istock

Rite Aid's (RAD - Get Report)  struggling stock could soon get a boost after shareholders approved a reverse split of the security, which will cut down on the number of shares traded and in turn boost the stock price.

Rite Aid shares are currently trading well below $1 per share, putting it in danger of being delisted from the New York Stock Exchange. Rite Aid shares were falling 2.4% to 68 cents on Thursday. 

All that is left now is for Rite Aid's board to decide on the ratio of the split, which could entail exchanging one share for 10, 15, or 20 shares.

Rite Aid's stock fell below a dollar in December and hasn't closed trading back above that threshold since. 

To maintain a listing on the NYSE, the average closing price of the company's common shares has to be at least $1 per share over a consecutive 30 trading-day period. Rite Aid was warned by the exchange in January that it was at risk of being delisted. 

Will You Have Enough Money Retire?

Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.