Majesco (NYSE American: MJCO), a global provider of cloud insurance software solutions for insurance business transformation, today announced that due to the federal government shutdown it has changed its record date for its previously announced rights offering from January 7, 2019 to January 29, 2019 and its expiration date from January 28, 2019 to February 19, 2019.
Under the proposed rights offering, Majesco will distribute to its shareholders, at no charge, one non-transferable subscription right for each share of common stock held or deemed to be held on the record date. Each right will entitle the holder to purchase one-sixth of a share of Majesco's common stock at a subscription price of $7.10 per whole share.
The net proceeds from the rights offering, for which the Company has filed a registration statement with the Securities and Exchange Commission (the "SEC"), will be used to fund the remainder of the Exaxe acquisition, pay off debt, and accelerate cloud growth, which includes additional acquisition opportunities.
The registration statement relating to the rights offering has been filed with the SEC but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, before the registration statement is declared effective. At that time, a copy of the prospectus forming a part of the registration statement may be obtained free of charge at the website maintained by the SEC at www.sec.gov or by contacting the Information Agent, Broadridge Corporate Issuer Solutions, Inc., by email at Shareholder@Broadridge.com or by telephone at 888-789-8409. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful before the registration or qualification under the securities laws of any such jurisdiction.
Shares of Majesco Ltd was last trading in BSE at Rs.489 as compared to the previous close of Rs. 494.75. The total number of shares traded during the day was 710 in over 57 trades.
The stock hit an intraday high of Rs. 500 and intraday low of 486.85. The net turnover during the day was Rs. 350701.