Nasdaq has warned the digital cinema and entertainment company in a letter that it could be dropped from the popular stock exchange, Cinedigm says today — although it plans to ask for more time.

Nasdaq requires its stocks to maintain a value of at least $1 a share for 30 consecutive business days. Cinedigm hasn’t closed above that since April when it disclosed a complicated and private $60 million borrowing transaction. The thinly traded stock closed today at about 29 cents after touching a new low yesterday of 26 cents.

In June the exchange gave Cinedigm 180 days — or until December 7 — to comply with the $1 rule. The company said it could accomplish that via a reverse stock split: reducing the number of shares and making each one more valuable. Shareholders approved that in October.

Cinedigm says its board will implement that “promptly if it becomes clear that the continued listing of the Class A common stock cannot otherwise be assured.”

But first Cinedigm wants Nasdaq to cut it some slack. The company will ask for a hearing, and for the exchange to use its discretion to give it another 180 days to comply.

The low stock price has weighed on the company. After a summerlong scrap with activist investors, Cinedigm appointed four independent directors to its board in July.

Last month CEO Chris McGurk told investors that it was “working with a strategic advisor to evaluate potential significant M&A and capital raising opportunities for the company.”

He also was optimistic about the prospects for Cinedigm’s streaming video — or over-the-top (OTT) — services: CONtv (for Comic Con fans), Docurama (with documentaries and non-fiction), and Dove (targeting faith and family audiences).

“Far from being reactionary like those media conglomerates, Cinedigm continues to be ahead of the curve, operating as an innovative disruptor, having already anticipated, planned for, and transformed the company to take advantage of the rise of OTT,” he said. “Our high quality narrowcast OTT channels are well-positioned to benefit from this changing consumer behavior.”