Let’s add a little more detail to that…
For the next sixteen trading days they only have to have the stock price close above $1 once to reset the clock and come back into compliance.
If they don’t, they receive a notice of non-compliance and that comes with an automatic 180 calendar day extension. However, during that extension the bid price has to go above $1 for 10 consecutive days to come back into compliance.
At the end of the 180 days they can apply for another 180 days but that requires they submit a plan for compliance which in 95% of the cases involved a reverse split and the second 180 days is the time given to effectuate it.
The stock is not getting delisted anytime soon, but in 16 days they move into the next phase of that process if the closing bid price does not hit $1 before then.
News 
Market Data 
Discover 
