Page 10 of the Nasdaq Listing requirements specifically states that for the Nasdaq Capital Market there are three different sets of criteria to list. One of them is having a closing price of $2 for 5 consecutive days (assuming they have net tangible assetss of 2M and a 3 year operating history).
That being said, there is no way in hell that KBLB is going to get to $2/share, or 4 times their ATH.