Majesco Entertainment Company (NASDAQ: COOL) announced today that it had received a letter on August 22, 2008 from Nasdaq letting them know that the bid price of the company’s common stock had closed below $1.00 per share for 30 consecutive days. The $1.00 per share limit is the minimum set by Nasdaq for inclusion on the Nasdaq Capital Market.

            The notification sent by Nasdaq is an automatic one sent after 30 days below $1.00, and is essentially an early warning of possible delisting.

            However, Majesco has 180 calendar days, or until February 18, 2009, to achieve “compliance” by closing at $1.00 per share or more for at least 10 consecutive days.

            Even if they don’t meet the compliance standards by February 18, Nasdaq will still review Majesco to see where the company stands, at which point Majesco will be offered an extension or be delisted.

            Due to financial constraints from their larger-budget titles, Majesco has more recently focused on family-friendly games such as the successful “Cooking Mama” series, “The New York Times Crosswords,” and games based on the “Nancy Drew” series.