News

Cosi facing NASDAQ deslisting

May 20, 2016

Cosi Inc has an additional 180 days to attain compliance with NASDAQ's minimum bid price requirement or face delisting, according to a company press release.

The Listing Qualifications Department of the NASDAQ Stock Market notified Cosi on Nov. 18, 2015 that its stock for the last 30 consecutive business days closed below the minimum $1 per-share requirement for continued inclusion on The NASDAQ Capital Market. The company had until May 16 to increase shares in order to regain compliance. The deadline was extended this week to Nov. 14.

In order to regain compliance, shares of the company's common stock must maintain a minimum bid closing price of at least $1 per share for a minimum of 10 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. 

If the company does not meet the minimum bid price requirement during the 180-day grace period, it will be subject to delisting. At that time, however, Cosi can ask NASDAQ for a hearing to present a plan to regain compliance, according to a company press release.

Cosi 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. As of press time, Cosi had no replied to FastCasual's request for comment.