There was some good news for Majesco shareholders today (aside from the stocks hitting a new 52 week high), the company has regained compliance with the Nasdaq marketplace rules by having a closing bid price of at least $1.00 per share for more than 10 consecutive days. By doing so they have avoided being delisted from the Nasdaq.
Check after the break for the full text from the SEC document
Item 8.01 Other Events.
On March 30, 2009, Majesco Entertainment Company (the “Company”) received a letter from the Nasdaq Stock Market (“Nasdaq”) indicating that the Company had regained compliance with Marketplace Rule 4310(c)(4) as the closing bid price of the Company’s common stock had been at $1.00 per share or greater for at least 10 consecutive business days. The letter further stated that the matter was closed. The Company had previously received a notice of potential delisting from Nasdaq on August 22, 2008.