When a Nasdaq stock closes with a bid under $1.00 for 30 business days in a row, the exchange sends a deficiency letter and the company has 180 days to get back above $1 for ten straight closes. I wanted to know what that letter actually leads to, so I followed every Nasdaq company that disclosed its first bid-price notice in the first half of 2025, 145 of them, to October 26, 2026.

The short answer

Outcome by October 26, 2026 Companies

Still listed on a US exchange 108 (74.5%)

of which trading at $1 or more 78

of which back under $1 30

Delisted, suspended or deregistered 19

Acquired 11

Bankrupt 7

Most companies stay listed. Most of them get there with a reverse split. And most people who held the stock on the day of the letter are worse off.

Five findings

1. A reverse split is the usual way out, and it comes late. 85 of the 145 (58.6%) did at least one reverse split after the letter, typically 1-for-20.…