Nasdaq requires companies to hold a $1.00 bid for an extended period of time to stay listed on their Exchange.
But they don't enforce it much.
Though some stocks do declare bankruptcy and or get delisted and end up on the OTC/ Pink sheets etc.
Some reverse split to stay listed
Quote Tweet
Some industry traders think of penny stocks as stocks trading under $5.00.
I think of penny stocks as stocks trading on Nasdaq/ NYSE/ASE under $1.00.
Trading for pennies.