Majesco Entertainment, publisher of Cooking Mama and Zumba Fitness video games, says it has been notified of potential delisting from the Nasdaq stock market, based on the recent price of the company's shares.
The publisher says in an SEC filing that it was notified by the Nasdaq Stock Market on March 1 of a potential delisting, based on the fact that its share price has been below the minimum bid price of $1.00 for 30 consecutive trading days. Since January, Majesco shares have traded below $1.00, fluctuating in the $0.50 to $0.60 range over the past month.
Nasdaq listing rules say Majesco has been provided 180 calendar days, or until Aug. 28, 2013, to regain compliance. To do so, the company's common stock must have a closing bid price of "at least $1.00 for a minimum of 10 consecutive business days."
Majesco shares, trading under the ticker symbol COOL, closed at $0.56 today.