Publisher Majesco has announced that the company has secured $6 million in investments from unnamed institutions through a sale of common stock, which it says will "support continued expansion of our product line."
The investments came through 'PIPE Financing' -- private investments in public equity, with investors buying 4 million shares of common stock and other warrants to buy up to 1.6 million shares.
Majesco will be releasing the results of its third quarter on September 11th, and has a holiday lineup of 6 DS, 1 Wii, and 1 Xbox 360 game, which Wedbush Morgan's Michael Pachter recently noted
could bring the company closer than ever to reaching profitability.
Said interim Majesco president Jesse Sutton, ”This financing provides us with working capital to support continued expansion of our product line of high quality, easy to play games for the mass market consumer. The additional funds also provide valuable flexibility, stability and agility to reduce financing costs, fund growth, and expand our intellectual property partnerships in 2008 and beyond.”