The reasons are clearly stipulated in the 8-K but the reason below suggests the Nasdaq would not consider ICLD for re-listing regardless to the stock price per share.
Lastly, the Staff stated in the Determination Letter that the Company’s failure to provide information requested by the Staff relating to a Securities and Exchange Commission investigation disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 violates NASDAQ Listing Rule 5250(a), requiring the Company to provide to NASDAQ requested information within a reasonable period of time and which was not so provided, and could raise public interest concerns under NASDAQ Listing Rule 5101, each of which would also serve as separate and additional bases for delisting the Company’s securities from NASDAQ.
I agree, in terms of the universe a potential re-listing to the Nasdaq is possible in a relatively "soon " timeline....
Or to be exact, 3 years AFTER they begin to meet many of the financial standards set with Nasdaq including but not limited to actually showing a profit.