That depends on what news is coming down the pike. If a big fish has been landed then the R/S will be significantly lower and of course it depends on the listing standard.
There are several NASDAQ Capital Market listing requirments. Under market value listing standard closing price as low as $2 is accepted.
So lets not jump to concluusions until people have had time to piece this together.
https://listingcenter.nasdaq.com/assets/initialguide.pdf