"I don't think there's a hard lower bound on NYSE stock prices."
There isn't one so you can stop thinking about it. It's pretty damn arbitrary. See Part 10 of the NYSE American LLC Company Guide. "Low Selling Price Issues—In the case of a common stock selling for a substantial period of time at a low price per share, if the issuer shall fail to effect a reverse split of such shares within a reasonable time after being notified that the Exchange deems such action to be appropriate under all the circumstances. In its review of the question of whether it deems a reverse split of a given issue to be appropriate, the Exchange will consider all pertinent factors including, market conditions in general, the number of shares outstanding, plans which may have been formulated by management, applicable regulations of the state or country of incorporation or of any governmental agency having jurisdiction over the issuer, the relationship to other Exchange policies regarding continued listing, and, in respect of securities of foreign issuers, the general practice in the country of origin of trading in low-selling price issues."
"But I'm sure that when your company stays under 25 cents for a long time there starts to be pressure to do something about it." It's called a non-compliance letter. Did they get one? Or did it just seem like a good idea? "The reverse split is intended to increase the market price per share of the Company's common stock to allow the Company to maintain its NYSE American listing."
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