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Majesco Entertainment Co. Message Board

  • geekcomputing geekcomputing Jul 3, 2006 2:19 PM Flag

    info

    make of it what you will..


    "On June 27, 2006, the Master Fund sent a letter to the Issuer's Board in
    which it again made an offer to invest $3 million in the Issuer through the
    purchase from the Issuer of 2,000,000 shares of Common Stock at a price of $1.50
    per share. The Master Fund believes that this capital is immediately required by
    the Issuer both to meet internal liquidity requirements and to ensure that the
    Issuer meets the financial guidelines necessary so as to continue to comply with
    Nasdaq's listing requirements, and notes that:

    o The Issuer received a notice of delisting from the NASDAQ Stock Market
    advising the Issuer that it did not comply with MarketPlace Rule
    4310(c)(2)(B), which requires the Issuer to maintain a minimum of $2.5
    million in stockholders' equity, $35.0 million market value of listed
    securities or $500,000 of net income from continuing operations for two of
    the three latest fiscal years.

    o The Issuer has regained compliance, but only by virtue of the fact of
    one-time, non-recurring events. In the absence of these events, net revenue
    for the quarter would have reflected a $2.258 million loss, rather than a
    $0.839 million profit.

    o As of the Issuer's most recent quarterly report on Form 10-Q, the Issuer
    had stockholders' equity of only $3,665,000.

    ==========
    so if in this quarter if they lose a mere 165,001 in stock equity you can count on another delisting.

    management has rejected this 2 times...btw.

 
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