imo, this doesn't look good for NEWL to regain the minimum closing bid compliance and they only have 19 trading days before they will receive notice to appear before the Hearing Panel.
NASDAQ Listing Rule 5815 (d)(4)(a) states that a hearing with the Hearing Panel will be promptly scheduled. It also states, The Hearings Panel will consider the Company's compliance history when rendering its Decision.
It seems the delisting is not immediate, but based on the Panels' decision. Based on NEWL's performance lately, it is my conclusion that they would be delisted IF the closing bid price is under $1 for 30 consecutive trading days.
Yes, I know. They have 180 days (sometime in June) to regain compliance for the $50 million market value. But the main issue is the Minimum Bid Price because if the closing bid price is not above $1 of equal to $1 soon the Market Value non-compliance is a moot point.