Rite Aid ( RAD)is back in the good graces of the New York Stock Exchange.

The drugstore received notice on Wednesday that it had regained compliance with the exchange's share price listing requirement.

Rite Aid's closing price on June 30 and average per share price for the 30-days of trading were both above $1.

Shares of the company jumped 4% to $1.57 in afternoon trading.

Rite Aid also said it does not intend to implement the reverse stock split its board and stockholders had approved in December to boost its share price and regain compliance with the listing rule.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

If you liked this article you might like

Walgreens Is Primed to Rally, With or Without Rite Aid

S&P 500 and Dow Score Records With Wall Street Upbeat Ahead of Fed

S&P 500 and Dow on Track for Records With Markets in Good Mood Ahead of Fed

Walgreens to Tweak Number of Rite Aid Stores It Buys to Win Regulatory Approval

Will the FTC Let Walgreens Go on a $5.2 Billion Rite Aid Shopping Spree?