After exiting the traditional core games publishing business to focus on casual titles like Cooking Mama, Majesco's turnaround seemed to be working perfectly. 2009 was a much tougher year, however, as the publisher went on to lose $7.2 million during "a difficult retail environment that was especially hard on non-branded and new IP titles."
The weaker results have not helped the company's stock any. Today, Majesco announced that it's received notice from Nasdaq regarding the fact that "the Company's common stock had closed below the $1.00 per share minimum required for continued inclusion on The Nasdaq Capital Market."
Majesco now has 180 calendar days (until August 30) to regain compliance with the minimum bid price requirement. "Compliance will be achieved if the bid price per share of the Company's common stock closes at $1.00 per share or greater for a minimum of 10 consecutive trading days prior to August 30, 2010," the company stated.
If Majesco still can't achieve compliance within the required period, Nasdaq will send written notification that Majesco's securities are subject to delisting. This, however, can be appealed by Majesco to a Nasdaq Listing Qualifications Panel. Another way around this is for Majesco to apply for an additional grace period, which it may be eligible for "if it meets the initial listing standards set forth in Marketplace Rule 5505."
Majesco's stock (COOL) currently sits at $0.998 as of this writing.
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Nasdaq staff will notify the Company that it has been granted an additional 180 calendar day compliance period.
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.P. Pharma, Inc., a specialty pharmaceutical company, today announced that, on May 18, 2010, the Company received a letter from The Nasdaq Stock Market (Nasdaq) indicating that the minimum closing bid price of its common stock had fallen below $1.00 for 30 consecutive trading days, and therefore, A.P. Pharma was not in compliance with Marketplace Rule 5550(a)(2). The Company has been provided 180 calendar days, or until November 15, 2010, to regain compliance with the minimum bid price requirement. This notice does not impact the Company's listing on Nasdaq at this time.
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Another way around this is for Majesco to apply for an additional grace period.
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