I know there are minimum price requirements for a NASDAQ listing but I don't think it's a problem. Price is arbitrary -- just do a reverse split.

A few examples....

"....Stellar Biotechnologies, Inc. (“Stellar” or “the Company”) is executing a 1-for-10 reverse stock split with the intention of uplisting its common shares to the NASDAQ Capital Market...."

http://ir.stellarbiotechnologies.com/reverse-stock-split-faq

"....OncoSec is executing a 1-for-20 reverse stock split with the intention of listing its common stock on the NASDAQ Capital Market. OncoSec believes that such a listing could attract a broader, more diverse shareholder base. By executing a reverse stock split, we intend to fulfill one of the quantitative requirements to become a NASDAQ-listed company...."

http://oncosec.com/reverse-split-planned-uplist-faq/

"....Champions Oncology, Inc. (OTC: CSBR), engaged in the development of advanced technology solutions and services to personalize the development and use of oncology drugs, today announced a 1-for-12 reverse stock split of the Company's authorized, issued and outstanding common stock. The reverse stock split is in preparation for the Company's proposed listing of its common stock on the NASDAQ Capital Market...."

http://www.prnewswire.com/news-releases/champions-oncology-announces-reverse-stock-split-in-preparation-for-uplisting-to-nasdaq-300125673.html