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Majesco nets $6M from investors as prominent board members resign

Majesco nets $6M from investors as prominent board members resign

December 18, 2014 | By Alex Wawro

Troubled publisher Majesco says it's managed to raise $6 million in financing from investors as part of a deal that involves replacing two members of its board.

The New Jersey-based publisher is in serious trouble, having recently laid off staff and filed a report with the Securities and Exchanges Commission that states, in part, "We are currently not developing any significant new games for release in fiscal 2015" and "we have suffered losses that raise substantial doubt about our ability to continue as a going concern."

This week Majesco netted $6 million through stock sales, though only $1 million of it has been released to the company so far; the rest will be held in escrow pending stockholder approval of the deal.

Alongside the deal, two high-ranking Majesco executives have resigned from the company's Board of Directors: chairman Allan Grafman and Majesco CEO Jesse Sutton. Their replacements, incoming chairman Trent Davis and new board member Mohit Bhansali, have been appointed to serve on the company's internal audit committee.

"This financing and the changes to our board position us well as we continue to pursue strategic alternatives to maximize shareholder value," stated Sutton, who will continue to serve as the company's CEO going forward.

Majesco most recently published Double Fine's Costume Quest 2 via its Midnight City label, and maintains plans to bring Fullbright's Gone Home to Wii U.

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