Late last year, Majesco was in serious trouble: Its Midnight City indie publishing label collapsed amidst layoffs across the entire company. Majesco was forced to file a report with the Securities and Exchange Commission that admitted “substantial doubt about our ability to continue as a going concern.”
Just a month later, however, the company landed funding of $6 million to keep the lights on admist tumult in its board of directors — and it secured $5 million more in April this year.
Now, longtime CEO Jesse Sutton has informed shareholders via a public letter that the company will continue, with a dramatically slimmed-down staff of just five people, and focus its entire business on downloadable games for consoles and PC.
This includes both new games (Glue and A Boy and His Blob are mentioned specifically) and catalogue titles like Double Fine’s Costume Quest 2 and games in the BloodRayne franchise. Majesco will no longer publish physical games at retail and has disposed of that business; there’s also no mention of mobile games whatsoever.
After the two rounds of investment, the company has “approximately $8.5 million in cash,” Sutton writes, as it plans to continue its video game business while also looking “for new strategic opportunities that may be unrelated to our historical markets.”
The company also has a new CEO: David Rector, whose corporate bio reveals a long history in the precious metals mining industry, if little experience with video games.
The company has so far managed to keep its stock on NASDAQ, too, where it trades for $1.36 a share as of this writing. It’s long waged a battle to do so, and last year merged its shares seven-to-one to bring their value high enough to avoid delisting.