Wow... really? A reverse split solves this issue in seconds... no delisting will happen. They have the REV and are way above the minimum required market cap. This thing trades like mad.... that is what an exchange wants.... trade volume. This whole discussion is silly at this point.
I believe it is 30 consecutive days under a dollar, but don't quote me. Even if that were the case, they would not get a letter for quite some time as the NASDAQ is somewhat slow with enforcing their guidelines. I would say they would have to be under a buck for probably 45 to 60 days before VELT got a delisting letter.
AFFY was delisted WAY Faster than that. Mgmt didnt argue it though. I see no reason that VELT mgmt would appeal either, they have done nothing up to this point to increase shareholder value. On the contrary, they have purposefully decreased shareholder value through dilution.