Majesco Concludes 2019 Rights Offering

2019 MAR 11 (NewsRx) -- By a News Reporter-Staff News Editor at Information Technology Business Daily -- Majesco (NASDAQ:MJCO), a global provider of cloud insurance software solutions for insurance business transformation, announced the completion of its previously announced rights offering pursuant to which 6,123,463 shares of Majesco’s common stock will be issued, resulting in gross proceeds to Majesco of approximately $43.5 million. Pursuant to the rights offering, Majesco issued one right for each share of common stock to shareholders of record as of February 5, 2019. Holders of the rights were entitled to purchase shares of common stock by submitting six rights and $7.10 for each share to be purchased. The rights offering expired at 5:00 p.m. Eastern Time on February 25, 2019.

Preliminary results indicate that Majesco received total subscriptions of approximately $45.4 million (including over-subscription requests). Approximately 79% of the shares to be issued were subscribed for in the basic subscription. The over-subscription requests exceeded the over-subscription shares available. As a result, the available over-subscription shares will be allocated pro rata among those fully exercising record date shareholders based on the number of rights originally issued to them by Majesco. Shareholders that exercised their over-subscription rights should expect to be allocated approximately 82.6% of the shares which they oversubscribed for. The new shares of common stock will be issued on or about February 28, 2019.

(Our reports deliver fact-based news of research and discoveries from around the world.)