Good question. From the NASDAQ FAQ page, under the question "Can a seasoned issuer effect a reverse stock split to meet the minimum bid price requirement for initial listing?"
A seasoned issuer may complete a reverse stock split to comply with Nasdaq's minimum price requirement for initial listing. Generally, when this happens, Nasdaq will require that the issuer continue to meet the price requirement for a minimum of five consecutive trading days after the split takes place. This means that on each of the five days the issuer must at some point during normal trading hours have a price which is at or above the applicable initial listing criteria. Please note that Nasdaq may, in its discretion, also require an issuer to maintain the required minimum price for a period in excess of five consecutive business days, but generally no more than ten consecutive business days, before determining that the issuer has demonstrated compliance. In determining whether to require a longer waiting period, Nasdaq will consider the following four factors: Margin of compliance (the amount by which the price is above the minimum standard); Trading volume (a lack of trading volume may indicate a lack of bona fide market interest in the security at the posted bid price); Where applicable, the market maker montage (the number of market makers quoting at or above the minimum required bid and the size of their quotes); and, The trend of the stock price (is it up or down?).
Not an expert here, but it appears to me that NASDAQ views historical price levels in split-adjusted terms, and then also checks that it holds that price for a few days post-R/S. So, hypothetically, a R/S on Monday morning at 1:10 would meet this requirement, since the stock has closed over $0.40 every day for the last 90 days. It would then just have to meet the criteria listed above for the next 5-10 trading days, etc.