The study tracks 145 Nasdaq companies that disclosed a first minimum-bid-price deficiency notice during the first half of 2025, following their outcomes through October 26, 2026. A notice comes after 30 consecutive business days with a closing bid below $1; companies generally have 180 days to regain compliance by closing at or above $1 for ten straight trading days, with a possible second 180-day period. The analysis examines whether firms recovered without a split, used reverse splits, or left the exchange, against the backdrop of stricter rules adopted in January 2025 for appeals and repeat declines after reverse splits.
By the end of the study, 108 companies (74.5%) remained listed, but only 78 traded at $1 or more; 37 were delisted, acquired, or bankrupt. Reverse splits were common: 85 companies (58.6%) used them, typically after a long delay, and at least 13 later fell below the threshold again. Of 126 firms with price data, 59 recovered above $1 for ten consecutive closes before splitting, though 24 later received another deficiency notice. The initial share price strongly correlated with outcomes: firms below $0.50 rarely recovered and more often disappeared, while those at $0.80 or above fared better. For investors who held shares on the notice date, the typical still-listed stock fell 47.3%, compared with a 32.4% S&P 500 gain; companies that split fell a median 83.0%.
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