Majesco Gets Another 180-Day Extension from NASDAQ Before Delisting
A recent document filed by NASDAQ reveals that they have given Majesco Entertainment a further 180 days to raise the price of its share before being removed from the stock market listing.
Majesco has been trailing behind this year with its share prices below the minimum price of $1 for more than a month. In March NASDAQ notified the firm that they would have 180 days to set things right.
In the summers though, Majesco revealed a 65 percent drop in revenue for the first quarter of the year. With the situation as bad as it was, Majesco failed to show an signs of improvement until the given deadline of August 28, 2013.
A new extension was then given on August 29, 2013 which warns Majesco of being delisted from the exchange; unless they boost their share price to the $1 minimum or higher. They have until February 14, 2014 to achieve that and must hold it for 10 consecutive business days.
Majesco currently has a share price of around 64 cents. Earlier this month the company announced it would invest between $3.5 and $4.5 million to set up GMS Entertainment, its online casino gaming division.
The publisher has also revealed its new indie-publishing operation called Midnight City that already has a lineup of 10 games for Xbox Live Arcade, PlayStation Network, and PC.