Majesco Avoids NASDAQ Delisting

Officials from Majesco have confirmed that the company is no longer under threat of being delisted from the major U.S. NASDAQ stock exchange, following the successful filing of the company’s second quarter financial results. The results were filed within the extended deadline of June 10th given to the company, and showed a small profit - the company generated a profit of $839,000 for the quarter, actually slightly up compared to a profit of $189,000 for the second quarter of last year. This followed a tumultuous period for the publisher, in which it gave up the vast majority of its original full price game publishing, following the failure of high profile products such as Advent Rising and Psychonauts, and saw a number of high-profile executives resigning, as well as a hostile hedge fund offer for the company which now appears to have disappeared. Majesco also had to show an equity of at least $2.5 million, which it has now done, with the company indicating that NASDAQ officials requires “no further action” of the publisher. Majesco is now continuing plans to focus on budget and handheld titles such as Age of Empires: The Age of Kings on the Nintendo DS and Jaws Unleashed for home consoles. Morris Sutton, Majesco's Chairman and Interim Chief Executive Officer, commented on the company's future, at the time of their previous financials: "Going into the second half of fiscal 2006, we will continue to be prudent with research and development efforts, and work on exploring other incremental revenue opportunities related to emerging technologies and peripherals."