News

Cosi stock falls below Nasdaq requirement

June 3, 2012

Così Inc. has announced that it has received notice from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, for the last 30 consecutive business days, the bid price for the company's common stock had closed below the minimum $1.00 per share required for continued inclusion on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). 

The notification letter states that the company will be afforded 180 calendar days, or until November 21, 2012, 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 10 consecutive business days. 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."

If the company does not regain compliance by November 21, 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 all of the requirements, other than the minimum bid price requirement, for initial listing on The Nasdaq Capital Market set forth in Nasdaq Listing Rule 5505. 

The company intends to actively monitor the bid price for its common stock between now and November 21, 2012, and will consider all available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirements.

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