They now have a “limit”. While they do actually suggest/encourage a company to use a reverse split to maintain compliance they do have rules against “excessive” reverse splits.
If a company falls below the $1 and has done more that 1:250 in one or more reverse splits within the previous 24 months they are not eligible for a grace period and go straight to delisting.
But yes, Nasdaq bends over backwards to allow a ticker to stay.
From the time things start to go sideways it can be 2-3 years before they eventually get kicked off.
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