The criteria for delisting depend on the exchange and which listing requirement needs to be met. For example, on the Nasdaq, the delisting process is set in motion when a company trades for 30 consecutive business days below the minimum closing bid price requirement or less than the required market value.
It isn’t going back to the OTC anytime soon. Nasdaq gives them a significant amount of time to get the bid price back above $1. Up to a year before they delist to OTC.
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