Share price of $1 or more is only one of the requirements.

NASDAQ also requires 750,000 shares to be held by the public (i.e. other than corp. officers, directors, and major owners (>10% shares). The value of the public shares must exceed $5M. The number of shareholders holding 100 shares or more must be at least 400. There must be at least 2 market makers, i.e. firms that are willing to, at a price, sell and/or buy the stock.

Here is a summary [link|http://www.marketwatch.com/tools/quotes/financials.asp?symb=scox&sid=1453151&report=2&freq=2|balance sheet]. If I'm reading it right there are 21 million shares, so even with multiple reverse splits they won't have a problem with the number of shares. The total value is around $18 million no, so if the price collapses after the reverse split they could end up with a problem against the $5 million rule.

I have no idea how their shares brake up, but that could be a concern if large chunks are held by a few (stupid) investment groups.

Jay