News

Così not compliant with minimum shareholder equity

August 27, 2013

Così Inc. today announced that it had received notice from the Nasdaq Stock Market indicating that it no longer meets the required minimum of $10,000,000 in stockholders' equity needed for continued listing for the period ending July 1.

Cosi has until Oct. 4 to submit a plan to regain compliance. If a plan is submitted and accepted, the company can be afforded up to 180 calendar days, or until Feb. 16, 2014, to regain compliance. If a plan is submitted and not accepted, however, the company may appeal to a Nasdaq Listing Qualifications Panel.

Alternatively, the company may consider applying for a transfer to The Nasdaq Capital Market provided it satisfies the requirements for continued listing on that market, according to the Cosi announcement. Cosi executives said they will consider factors such as shareholder liquidity and long-term growth in shareholder value, among others, in its response to the notice.

The notification letter has no effect at this time on the listing of the company's common stock on The Nasdaq Global Market. Cosi's common stock will continue to trade on The Nasdaq Global Market under the symbol "COSI."

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