Seneca Biopharma Inc fka SNCA

[TOB]

The $1 bid price number is the minimum to avoid delisting. It is not used as an up-listing criteria.

It's also a process: 30 consecutive days of deficiency, after which there is a 180 period available to regain compliance.

Section 5001 The Qualification, Listing, and Delisting of Companies

(a) Continued Listing Requirements for Primary Equity Securities:

(1) Minimum bid price of $1 per share; and

And Section 5800. Failure to Meet Listing Standards.

(A) Bid Price

A failure to meet the continued listing requirement for minimum bid price shall be determined to exist only if the deficiency continues for a period of 30 consecutive business days. Upon such failure, the Company shall be notified promptly and shall have a period of 180 calendar days from such notification to achieve compliance. Compliance can be achieved during any compliance period by meeting the applicable standard for a minimum of 10 consecutive business days during the applicable compliance period, unless Staff exercises its discretion to extend this 10 day period as discussed in Rule 5810(c)(3)(F).

Here you can look up the NASDAQ Equity Rules.

http://nasdaq.cchwallstreet.com/NASDAQTools/PlatformViewer.asp?selectednode=chp_1_1_4_3&manual=%2Fnasdaq%2Fmain%2Fnasdaq-equityrules%2F