It's been discussed many times and most recently referrenced in a post today by andech. Here's a link to the Nasdaq initial listing requirements.

https://listingcenter.nasdaq.com/assets/initialguide.pdf

Go to the chart on pages 8 & 9 and read the requirements for the different tiers.

The 90 day duration as well as the $4 stock price floor have been repeated so often but I believe that if you look closely at that chart you will see that those are not absolutes. We can still list on the Nasdaq under the Capital Market requirements with just a $2 closing stock price with no multiple trading day stipulation. The 90 day requirement is mentioned in the footnote for that chart.

I believe at last years AGM when it was let slip about a $4-5 target to list on the Nasdaq (you'll have to ask someone who was there for specifics) that they may have been counting a buffer in those numbers.

Fairchij has expounded on the different Nasdaq market tiers on a few occasions and would probably know more that myself but I believe he is right in stating that the only time that's absolute in listing is the time it would take to process the application to list. (Listing timeline found on page 3 of above link) The $4 bid price requirement would only come into effect if they were determined to list on the Global Market tier or did not have enough net tangible assets to qualify to use the closing price requirement on the Capital Market tier. The 90 trading day requirement would only come into effect if they were only able to qualify to be listed by meeting the Market Value standard of either the Global Market tier or the Capital Market tier. If they can qualify by meeting more than one of the listing standards, then the 90 trading days is no longer required.

For these reasons I still believe it's still possible to make their goal of listing on the Nasdaq in June or early July even if the listing process can't be fast-tracked, but just barely.

Green