Così, Inc. Announces Additional Grace Period for Listing on NASDAQ
May 18 2016 - 06:30AM
Cosi, Inc. (NASDAQ:COSI), the fast casual restaurant company, today
announced that it has received notice from the NASDAQ Stock Market
on May 17, 2016, indicating that the Company will have an
additional 180-day grace period, or until November 14, 2016, to
regain compliance with NASDAQ’s minimum bid price
requirement. In order to regain compliance, shares of the
Company’s common stock must maintain a minimum bid closing price of
at least $1.00 per share for a minimum of ten consecutive business
days during the additional grace period. The notification
letter has no effect at this time on the listing of the Company’s
common stock on The NASDAQ Capital Market. The Company’s
common stock will continue to trade on The NASDAQ Capital Market
under the symbol “COSI”.
As previously announced, the Company was
notified by the Listing Qualifications Department of the NASDAQ
Stock Market on November 18, 2015, that for the last 30
consecutive business days the bid price of the Company’s common
stock had closed below the minimum $1.00 per share required for
continued inclusion on The NASDAQ Capital Market under the NASDAQ
Listing Rule 5550(a)(2). Therefore, in accordance with
NASDAQ’s Listing Rules, the Company was provided 180 days, or until
May 16, 2016, to regain compliance.
If the Company fails to regain compliance during
this second grace period, or by November 14, 2016, the Company's
common stock will be subject to delisting by
NASDAQ. If the Company does not meet the minimum bid price
requirement during the 180-day grace period, NASDAQ will provide
notification to the Company that its common stock will be subject
to delisting. At that time, the Company can ask NASDAQ for a
hearing to present a plan to regain compliance.
The Company has provided written notice to
NASDAQ of its intention to cure the minimum bid price deficiency
during the second grace period by effecting a reverse stock split
if necessary.
About Così, Inc.Così (http://www.getcosi.com)
is an international fast casual restaurant company. At the
heart of every Cosi® restaurant is an open-flame stone-hearth oven
where the Così® signature flatbread is made from scratch throughout
the day. The flatbread is made from a generations-old recipe
and is part of many Così® favorites. Così® was founded on the idea
that good-for-you food should be delicious. Menu items are
made using fresh ingredients and distinctive sauces and spreads to
create edgy flavors. The menu features made-to-order
sandwiches, hand-tossed salads, bowls, breakfast wraps, melts, all
natural soups, signature Squagels®, artisan flatbread pizzas,
S`mores, snacks and desserts. Guests can also enjoy
handcrafted beverages and a variety of coffee-based and specialty
beverages.
Così® employees create a welcoming environment
where guests are invited to relax and enjoy great food. In
many cases, Così® is the cornerstone of the communities that they
are in and take pride in supporting community organizations and
local charities. There are currently 75 Company-owned and 30
franchise restaurants operating in fifteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
"Così," "(Sun & Moon Design)" and related marks are
registered trademarks of Così, Inc. in the U.S.A. and certain other
countries. Copyright © 2015 Così, Inc. All rights reserved.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. This press release
contains statements that constitute forward-looking statements
under the federal securities laws. Forward-looking statements are
statements about future events and expectations and not statements
of historical fact. The words "believe," "may," "will," "should,"
"anticipate," "estimate," "expect," "intend," "objective," "seek,"
"plan," "strive," or similar words, or negatives of these words,
identify forward-looking statements. We qualify any forward-looking
statements entirely by these cautionary factors. Forward-looking
statements are based on management's beliefs, assumptions and
expectations of our future economic performance, taking into
account the information currently available to management.
Forward-looking statements involve risks and uncertainties that may
cause our actual results, performance or financial condition to
differ materially from the expectations of future results,
performance or financial condition we express or imply in any
forward-looking statements. Factors that could contribute to these
differences include, but are not limited to: the results being
reported in this release are unaudited and subject to change; the
cost of our principal food products and supply and delivery
shortages and interruptions; labor shortages or increased labor
costs; changes in demographic trends and consumer tastes and
preferences, including changes resulting from concerns over
nutritional or safety aspects of beef, poultry, produce, or other
foods or the effects of food-borne illnesses, such as E. coli, "mad
cow disease" and avian influenza or "bird flu"; competition in our
markets, both in our business and in locating suitable restaurant
sites; our operation and execution in new and existing markets;
expansion into new markets including foreign markets; our ability
to attract and retain qualified franchisees and our franchisees'
ability to open restaurants on a timely basis; our ability to
locate suitable restaurant sites in new and existing markets and
negotiate acceptable lease terms; the rate of our internal growth
and our ability to generate increased revenue from our existing
restaurants; our ability to generate positive cash flow from
existing and new restaurants; fluctuations in our quarterly results
due to seasonality; increased government regulation and our ability
to secure required government approvals and permits; our ability to
create customer awareness of our restaurants in new markets; the
reliability of our customer and market studies; cost effective and
timely planning, design and build out of restaurants; our ability
to recruit, train and retain qualified corporate and restaurant
personnel and management; market saturation due to new restaurant
openings; inadequate protection of our intellectual property; our
ability to obtain additional capital and financing; adverse weather
conditions which impact customer traffic at our restaurants; and
adverse economic conditions. Further information regarding factors
that could affect our results and the statements made herein are
included in our filings with the Securities and Exchange
Commission.
Additional information is available on Così's
website athttp://www.getcosi.com in the investor relations
section.
CONTACT:
Miguel Rossy-Donovan
Chief Financial Officer
(857) 415-5020
InvestorRelations@getcosi.com