Majesco Entertainment Announces Reverse Stock Split
June 11 2014 - 8:00AM
Marketwired
Majesco Entertainment Announces Reverse Stock Split
EDISON, NJ--(Marketwired - Jun 11, 2014) - Majesco Entertainment
Company (NASDAQ: COOL), an innovative provider of video games for
the mass market, announced today that a 1-for-7 reverse split of
its common stock will be effective at the open of trading on
Friday, June 13, 2014. The reverse stock split was previously
approved by Majesco's stockholders at its annual meeting held on
April 25, 2014.
At the effective time of the reverse stock split, every seven
shares of Majesco's issued and outstanding common stock will be
automatically converted into one newly issued and outstanding share
of common stock, without any change in the par value per share. No
fractional shares will be issued in connection with the reverse
stock split. Stockholders who would otherwise hold a fractional
share of Majesco common stock will receive a cash payment in lieu
of such fractional share.
Majesco's common stock will continue to trade on the NASDAQ
Capital Market under the symbol "COOL". A new CUSIP number will be
issued to Majesco's common stock after the reverse stock split
becomes effective.
Once the reverse stock split becomes effective, stockholders
holding shares through a brokerage account will have their shares
automatically adjusted to reflect the 1-for-7 reverse stock
split. Existing stockholders holding common stock certificates
will receive a letter of transmittal from Majesco's transfer agent,
American Stock Transfer & Trust Company, LLC, with specific
instructions regarding the exchange of shares.
About Majesco Entertainment Company
Majesco Entertainment Company is an innovative developer,
marketer, publisher and distributor of interactive entertainment
for consumers around the world. Building on more than 25 years of
operating history, the company develops and publishes a wide range
of video games on console, handheld and mobile platforms, as well
as digital networks through its Midnight City label. Majesco also
owns 50% of GMS Entertainment, the parent company of online gaming
company Pariplay, which specializes in iGaming, iLottery and social
gaming. Majesco is headquartered in Edison, NJ and the company's
shares are traded on the Nasdaq Stock Market under the symbol:
COOL. More info can be found online at majescoent.com or on Twitter
at twitter.com/majesco.
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