MAJESCO ENTERTAINMENT COMPANY (NASDAQ:COOL) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing
On January 6, 2017, Majesco Entertainment Company, a Delaware
corporation (the Company), was notified by The NASDAQ
Stock Market, LLC (Nasdaq) of failure to comply with
Nasdaq Listing Rule 5605(b)(1) (the Rule) which requires
that a majority of the directors comprising the Companys Board of
Directors (the Board) be considered independent, as
defined under the Rule. The notice has no immediate effect on the
listing or trading of the Companys common stock on The NASDAQ
Capital Market and, at this time, the common stock will continue
to trade on The NASDAQ Capital Market under the symbol COOL.
The notice provides that the Company has 45 calendar days, or
until February 21, 2017, to submit a plan to regain compliance
with the Rule. If the Companys plan is accepted, Nasdaq may grant
an extension of up to 180 calendar days from the original date of
notification to evidence compliance.
The Company plans to regain compliance upon appointment of one or
more additional independent directors in connection with the
anticipated acquisition of Polarityte, Inc. to the Agreement and
Plan of Reorganization dated as of December 1, 2016, as amended
on December 16, 2016, following, among other things, required
stockholder approval of the acquisition.
About MAJESCO ENTERTAINMENT COMPANY (NASDAQ:COOL)
Majesco Entertainment Company is a developer, marketer, publisher and distributor of interactive entertainment for consumers. The Company develops and publishes a range of video games on digital networks through its Midnight City label, including Nintendo’s DS, 3DS, Wii and WiiU, Sony’s PlayStation 3 and 4 (PS3 and PS4), Microsoft’s Xbox 360 and Xbox One and the personal computer (PC). The Company sells packaged console software to retail chains, specialty retail stores, video game rental outlets and distributors, and through digital distribution for platforms, such as Xbox Live Arcade, PlayStation Network (PSN), and Steam, and for mobile devices and online platforms. The Company also operates a digital software distribution and licensing business. The Company uses third party development studios to develop its games. MAJESCO ENTERTAINMENT COMPANY (NASDAQ:COOL) Recent Trading Information
MAJESCO ENTERTAINMENT COMPANY (NASDAQ:COOL) closed its last trading session up +0.11 at 3.52 with 42,290 shares trading hands.
