There isn’t actually a restriction. All that Nasdaq does is say if you do one or more reverse splits totally 1:250 or higher then if the share price goes below $1 the company is not eligible for a grace period.
So it begs the question, if they are sitting at 1:225 currently the next RS would put them over that. Does Nasdaq accept that? That is the question, because technically they will not have gone back below a $1 since they passed the 1:250 limit.
Frankly I don’t know. Nasdaq usually bends over backwards to help companies stay listed, although there would not be many arguments supporting doing so with MULN given the amount of dilution…which in my opinion would allow delisting alone under some of the discretionary criteria available to NASDAQ for the “protection” of investors.
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