(a) Initial Listing Requirements for Primary Equity Securities:
(1) (A) Minimum bid price of $4 per share; or
(B) Minimum closing price of $3 per share, if the Company meets the requirements of the Equity or Net Income Standards under Rules 5505(b)(1) or (b)(3), or of $2 per share, if the Company meets the requirements of the Market Value of Listed Securities Standard under Rule 5505(b)(2), provided that in either case the Company must also demonstrate that it has net tangible assets (i.e., total assets less intangible assets and liabilities) in excess of $2 million, if the issuer has been in continuous operation for at least three years; or net tangible assets in excess of $5 million, if the issuer has been in continuous operation for less than three years; or average revenue of at least $6 million for the last three years. A security must meet the applicable closing price requirement for at least five consecutive business days prior to approval.
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Thanks Art, the section referred to in the excerpt you provided, 5505(a)(1)(Is shown above. It looks like they could get listed with a minimum closing price of just $2 a share under this provision.
They will obviously need to do a reverse split to get to this point but hopefully they can get provisionally accepted by Nasdaq (i.e. told by Nasdaq that they qualify to list in all respects except they don't have a $2 stock price), then issue a PR to that effect, and then hopefully the stock price would go up a little on that PR so that the degree of reverse split can be mitigated.
