Majesco applies for NASDAQ listing
US publisher Majesco has signalled its intention to move up to the NASDAQ stock exchange as part of a range of measures which include the issuing of up to $100 million in new stock and a one for 10 reverse split.
US publisher Majesco has signalled its intention to move up to the NASDAQ stock exchange as part of a range of measures which include the issuing of up to $100 million in new stock and a one for 10 reverse split.
The company is currently listed on the OTC Bulletin Board, following a merger with ConnectivCorp in April which was largely undertaken as a way to take over the OTC ticker of the firm.
A move onto the NASDAQ, which is the premiere listing for technology firms in the USA, would be a significant step for the company, and would come as part of a package of new measures designed to boost the firm's market capitalisation and share price.
A one for ten reverse stock split has been announced to increase the value of the firm's shares temporarily, while an application has been filed with the SEC to issue up to $100 million in new stock, in a move underwritten by Wedbush Morgan Securities, RBC Capital Markets, JMP Securities and Harris Nesbitt.
As well as the obvious status boost the firm would receive from having a NASDAQ ticker, this would give the company a major infusion of new capital, allowing it to continue its expansion at a more rapid pace.
Majesco has had major success in recent years with products including the Bloodrayne franchise and the Game Boy Advance Video products, which were based on technology from developer DC Studios. The company also recently announced that it has signed publishing rights for a new project from Starbreeze Studios, creator of the critically acclaimed Chronicles of Riddick: Escape from Butcher Bay.