News

Cosi announces completion of rights offering

July 9, 2012

Cosi Inc. has announced the completion of its previously announced rights offering that expired June 30, 2012.

The results indicate that stockholders, including the company's officers and outside directors, exercised basic subscription and over-subscription privileges leading to an allocation of more than 19.6 million shares, representing approximately 85 percent of the shares available through the rights offering. Accordingly, the company will issue shares to stockholders that exercised their basic subscription privileges as well as allocate shares to satisfy over-subscription requests made in the rights offering.

The company will receive gross proceeds of approximately $12.7 million from the rights offering, which includes proceeds from executive officers and outside directors pursuant to their purchase agreements. Subscription rights that were not exercised by June 30, 2012, have expired.

"I would like to express my appreciation to our shareholders for their continued support," said Carin Stutz, CEO of Cosi. "As I stated previously, the proceeds from this offering will assist us in moving forward with our growth initiatives and support efforts to drive additional traffic in our restaurants and for various other general corporate purposes."

The company expects the subscription agent to finish tabulating the allocation results this week and to begin distributing the shares on July 18, 2012, upon expiration of the NASDAQ notice period.

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