I'm not sure if the dollar amount required to stay "on" Nasdaq is the same that is required for initial listing, but I saw notification of a company that was given their 30 day warning for not maintaining a price above $1....if initial listing and maintaining your listing are the same.
On September 15, 2009, Pacific Ethanol, Inc. (the "Company") received a letter from The Nasdaq Stock Market ("Nasdaq") indicating that the bid price of its common stock for the last 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5450(a)(1).