majescoentertainment 31 Aug

Back in March, publisher Majesco Entertainment was warned it would be delisted from NASDAQ if it could not raise its stock value above $1.00 by August 29th. NASDAQ Listing Rule 5550, subsection A, article two requires trading companies to have a “minimum bid price of at least $1 per share.” Majesco’s share prices had been below the $1.00 minimum for more than 30 consecutive trading days.

On August 29th, Majesco was notified by NASDAQ that it would receive an additional 180 day grace period, moving the deadline to February 14th 2014. To avoid the delisting from the stock market, Majesco’s stock must have a closing bid price of $1.00 or higher for 10 consecutive business days before this grace period expires.

(via Joystiq)