Some good news for Majesco; the company, who had been threatened with being delisted from the NASDAQ stock exchange for its stock trading below $1, has managed to avoid any punitive action. The company's stock is now trading above the $1 requirement and is in compliance with NASDAQ rules. The company announced the good news this week.
Back in March of last year NASDAQ gave Majesco 180 calendar days to raise its stock price above $1 or face delisting. Majesco received an additional 180 day extension to Feb. 14, 2014 in August of last year.
In February 2014, the company asked for stockholder approval to implement a reverse stock split to raise the value of stock beyond the $1 minimum threshold. As of today, Majesco stock is trading at $2.56 per share.
While Majesco dumped the license for its popular Zumba line of fitness games, the company has been focusing on publishing indie games through its Midnight City label. Midnight City will publish Double Fine Productions' Costume Quest 2 and a console version of The Fullbright Company's Gone Home later this year.