The reverse split is very possible but the dilution will only happen if they have run through their cash on hand. Quarter numbers will be the big hint. If they are running out fast, they may elect to reverse split to get that cash quicker.
Either way, a HUGE red flag would be a reverse split without asking for an extension. That is if they don't get above the $1 mark for the time needed in the next 6 months.
And a new Zumba is not coming out in the next 6 months so it is tough to see Majesco over $1 by then.