Majesco Entertainment Updates on 1-for-7 Reverse Stock Split [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Majesco Entertainment reported that a 1-for-7 reverse split of its common stock will be effective at the open of trading on Friday, June 13.
Majesco reported in the release that the reverse stock split was previously approved by the company's stockholders at its annual meeting held on April 25.
The company noted that 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 with specific instructions regarding the exchange of shares.
Majesco Entertainment is a developer, marketer, publisher and distributor of interactive entertainment.
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