Majesco Entertainment Names Barry Honig As CEO, John Stetson As CFO

(RTTNews) - Majesco Entertainment Co (COOL) said it has appointed Barry Honig as its new chief executive officer and co-chairman of its board of directors.

John Stetson was named as executive vice president and chief financial officer, while Michael Brauser joins Honig as co-chairman of the board. In addition, Edward Karr and Andrew Kaplan were appointed as directors.

Majesco also said it has closed on $9.04 million previously held in an escrow account from prior subscription agreements with investors.

Further, Majesco announced an exchange agreement for its outstanding Series C Warrants. The company authorized the issuance of 0.4 shares of common stock for each 1 share of common stock into which the Series C warrants was then convertible, in exchange for cancellation of the warrants.

Each holder of the Series C warrants may also elect to receive shares of the company's newly designated 0 percent Series D preferred stock.