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Cosi shares fall below $1, faces Nasdaq delisting

If Cosi cannot get shares up over $1 by May 16, it faces delisting.

November 25, 2015

Cosi received notice this week from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, for the last 30 consecutive business days, the bid price of the its common stock had closed below the minimum $1 per share required for continued inclusion on The Nasdaq Capital Market, according to a company press release.

Cosi will have 180 calendar days to regain compliance with the minimum bid price requirement, which means shares of common stock must maintain a minimum bid closing price of at least $1 per share for a minimum of 10 consecutive business days.

If the company does not regain compliance by May 16, Nasdaq will provide written notification to Cosi that its common stock will be delisted. At that time, the company may appeal Nasdaq's delisting determination to a Nasdaq Listing Qualifications Panel, according to the release.

Alternatively, the Cosi 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, and will consider all available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement, according to the company