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Finance

Majesco receives new Nasdaq warning

Mon 08 Mar 2010 9:17am GMT / 4:17am EST / 1:17am PST
FinanceDevelopment

Cooking Mama publisher faces delisting as share price dips

US publisher Majesco has been given 180 days to raise its share price above USD 1 or face delisting from the Nasdaq stock exchange.

The warning came as Majesco's share price remained below USD 1 for 30 consecutive days. This follows the company's disappointing fourth quarter results that showed a $7.2 million loss, despite improvements in revenues and profitability.

If Majesco does not raise the share price, which currently stands at $0.99, above the minimum amount for 10 consecutive days of trading it will receive written notification that a delisting is pending.

At that point the company will be able to appeal to the Nasdaq Listing Qualifications Panel or claim an additional grace period of another 180 days.

Majesco was last threatened with delisting in 2007 for failing to comply with a $35 million market cap requirement. In that instance it narrowly avoided a hearing with the Listing Qualifications Panel and was able to continue trading.

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