There are really only two shifts that can save NVX from...

There are really only two shifts that can save NVX from returning to penny stock status:

1) Fundamental shift, i.e. NVX actually becomes a cash generating company that doesn't rely on and burn shareholders money.
2) Macro shift, i.e. markets returning to extraordinarily loose monetary and fiscal conditions, including NIRP/ZIRP, which was the primary cause of 2020-2021 skyrockets, including NVX shooting from $0.2 to $12. This wouldn't require a fundamental shift, but it would certainly not be a sustainable run, and the required balance sheet expansion this time around would have to be even more unprecedented.

I myself am quite uncertain of option 1). Many people are betting on 2), which I wouldn't discount entirely, but I do feel that this time it may be a bit different. Because of all that, I do see NVX dropping below $1, at which point it is a good time to re-assess the situation to see how much lower it can drop, or if there is a fundamental shift that may occur.