Cosi, Inc. Receives Nasdaq Notice of Minimum Bid Price Deficiency
November 24 2015 - 4:01PM
Così, Inc. (NASDAQ:COSI), the fast-casual restaurant company, today
announced that the Company received notice on November 18, 2015,
from the Listing Qualifications Department of the Nasdaq Stock
Market indicating 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 Nasdaq Listing Rule 5550(a)(2). The
notification letter states that the Company will be afforded 180
calendar days, or until May 16, 2016, to regain compliance with the
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. 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”.
If the Company does not regain compliance by May
16, 2016, Nasdaq will provide written notification to the Company
that the Company’s common stock will be delisted. At that time, the
Company may appeal Nasdaq’s delisting determination to a Nasdaq
Listing Qualifications Panel. Alternatively, the Company may be
eligible for an additional grace period if it satisfies the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market set forth in Nasdaq Listing Rule 5505, with the
exception of the bid price requirement.
The Company intends to actively monitor the bid
price for its common stock between now and May 16, 2016, and will
consider all available options to resolve the deficiency and regain
compliance with the Nasdaq minimum bid price requirement.
About Così, Inc.Così
(http://www.getcosi.com) is an upscale national fast casual
restaurant company. At the heart of every restaurant is a hearth
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, 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 79 Company-owned and 30
franchise restaurants operating in fifteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
“COSÌ,” 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 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 the Cosi,
Inc. website at www.getcosi.com in the investor relations
section.
CONTACT:
Miguel Rossy-Donovan
Chief Financial Officer
(857) 415-5020
InvestorRelations@getcosi.com