Publisher Majesco Entertainment, which was warned in March of a possible delisting from NASDAQ, has been given an extra 180 days to raise the price of its shares before being removed from the stock market listing, according to a recent document filed by the company.
On Aug. 29, Majesco was notified by NASDAQ that it would receive an additional 180 day grace period — until Feb. 14, 2014 — to bring its shares back up to NASDAQ compliance. Majesco's stock must have a closing bid price of $1.00 or higher for 10 consecutive business days before this grace period expires, otherwise the company will face delisting from the stock exchange.
In March, Majesco was notified that because its share prices had been below the minimum price of $1.00 for more than 30 consecutive trading days, the company had 180 days — until Aug. 28, 2013 — to bring them back up. Shortly after, the company announced a 65 percent drop in revenue for the first quarter of its 2013 fiscal year, which ended on Jan. 31, 2013.
In August, the company announced it would invest between $3.5 and $4.5 million to set up GMS Entertainment, its online casino gaming division.