Majesco Entertainment Company's stock price is now stable enough to comply with NASDAQ Capital Market's minimum bid price of $1 per share, the Zumba Fitness and Cooking Mama publisher announced this week.
In March 2013, Nasdaq gave Majesco 180 calendar days to raise its stock price or face delisting. Majesco received a 180 day extension to Feb. 14, 2014 in August 2013. NASDAQ required that Majesco keep its stock above the minimum value for 10 consecutive business days or it would be delisted.
In February 2014, when its stock was trading at $0.54, management sought stockholder approval for a reverse stock split to raise the value of stock beyond the $1 minimum threshold. As of this writing, Majesco stock is trading at $2.56 per share.
Check out our interview with Casey Lynch, founder of Midnight City, to learn more about Majesco's indie-focused publishing arm. Midnight City will publish Double Fine Productions' Costume Quest 2 and a console version of The Fullbright Company's Gone Home this year. It also published the bird-like racing game Krautscape pictured above.