The delisting can be appealed. If upheld an exception can be granted, a conditional listing. Or, the stock may go to the Capital Market (previously Small Cap). It has another 180 days on the Capital Market to confrom. Then to the Over the Counter (delisting).
What types of decisions might the Panel make?
In the event the Panel determines that the company has presented a definitive plan that will likely enable it to achieve and sustain long-term compliance, it may then grant the company a conditional listing, known as an exception. Exceptions are of limited duration and often incorporate milestones measuring the company's progress in regaining compliance. If the Panel determines not to grant an exception, the company will be notified in writing that its securities are being delisted, effective immediately, or that its securities will be transferred to The NASDAQ SmallCap Market within 2 business days of the Panel's written decision.
Similarly, should the company fail to comply with the terms of a Panel exception, its securities will be subject to delisting.
My company's bid price has fallen below the minimum requirement. Will we be delisted?
Companies listed on NASDAQ are required to maintain a minimum closing bid price of $1.00 per share. If a company trades for 30 consecutive business days below the applicable minimum closing bid price requirement, NASDAQ will send a deficiency notice to the company, advising that it has been afforded a "compliance period" of 180 calendar days to regain compliance with the applicable requirements.
Thereafter, Capital Market companies can receive an additional 180-day compliance period if they meet all initial inclusion requrements for the Capital Market, except for the bid price requirement. If a National Market company is unable to comply with the bid price requirement prior to the expiration of its 180-day compliance period, it may transfer to The NASDAQ Capital Market, so as to take advantage of the additonal compliance period offered on that market, provided it meets all requirements for initial listing on The NASDAQ Capital Market, except for the bid price requirement. If the company does not demonstrate compliance within the compliance period, it will be issued a delisting letter, which it may appeat at that time. See Hearings Process for additional information.
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