Majesco raises $6 million

Majesco Entertainment announced that it has raised approximately USD 6 million in a private investment in public equity offering to several institutional investors.

"This financing provides us with working capital to support continued expansion of our product line of high quality, easy to play games for the mass market consumer," said Jesse Sutton, Majescoâs interim CEO. "The additional funds also provide valuable flexibility, stability and agility to reduce financing costs, fund growth, and expand our intellectual property partnerships in 2008 and beyond."

The company sold approximately 4 million shares of common stock at USD 1.50 per share and warrants to purchase up to approximately 1.6 million shares at an exercise price of USD 2.04 per share.

Following this transaction, Majesco has 28,672,121 shares of common stock outstanding. The company will announce its Q3 earnings on September 11th.