Così, Inc : Così, Inc. Receives Nasdaq Notice of Minimum Shareholder Equity
William E. Koziel
Chief Financial Officer
FOR IMMEDIATE RELEASE
Così, Inc. Receives Nasdaq Notice of Minimum Shareholder Equity Non-Compliance
DEERFIELD, Ill., August 26, 2013 -- Così, Inc. (NASDAQ: COSI), the fast-casual
restaurant company, today announced that it had received notice from the
Listing Qualifications Department of the Nasdaq Stock Market indicating that
the Company no longer meets the required minimum of $10,000,000 in
stockholders' equity needed for continued listing under Listing Rule
5450(b)(1)(A) based on its Form 10-Q filing for the period ending July 1,
2013. The notification letter states that the Company has until October 4,
2013 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
February 16, 2014, to regain compliance. If a plan is submitted and not
accepted, 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. To avail itself of this alternative, the Company would need to
submit an application to transfer its securities to The Nasdaq Capital Market
by no later than October 4, 2013.
The Company 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".
About Così, Inc.
Così^® (http://www.getcosi.com) is a national fast casual restaurant chain
that has developed featured foods built around a secret, generations-old
recipe for crackly crust flatbread. This artisan bread is freshly baked in
front of customers throughout the day in open-flame stone-hearth ovens
prominently located in each of the restaurants. Così's warm and urbane
atmosphere is geared towards its sophisticated, upscale, urban and suburban
guests. There are currently 72 Company-owned and 50 franchise restaurants
operating in sixteen states, the District of Columbia, Costa Rica and the
United Arab Emirates. The Così^® vision is to become America's favorite fast
casual restaurant by providing customers authentic, innovative, savory
hand-crafted food while remaining an affordable luxury.
The Così^® menu features Così^® sandwiches, freshly-tossed salads, breakfast
wraps, melts, soups, Così^® Squagels^®, flatbread pizzas, S'mores, snacks and
other desserts, and a wide range of coffee and coffee-based drinks and other
specialty beverages. Così^® restaurants are designed to be welcoming and
comfortable with an eclectic environment. Così's sights, sounds, and spaces
create a tasteful, relaxed ambience that provides a fresh and new dining
"Così," "(Sun & Moon Design)" and related marks are registered trademarks of
Così, Inc. in the U.S.A. and certain other countries. Copyright © 2013 Così,
Inc. All rights reserved.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. This press release contains statements that constitute forward- looking
statements under the federal securities laws. Forward-looking statements are
statements about future events and expectations and not statements of
historical fact. The words "believe," "may," "will," "should," "anticipate,"
"estimate," "expect," "intend," "objective," "seek," "plan," "strive," or
similar words, or negatives of these words, identify forward- looking
statements. We qualify any forward-looking statements entirely by these
cautionary factors. Forward-looking statements are based on management's
beliefs, assumptions and expectations of our future economic performance,
taking into account the information currently available to management.
Forward-looking statements involve risks and uncertainties that may cause our
actual results, performance or financial condition to differ materially from
the expectations of future results, performance or financial condition we
express or imply in any forward-looking statements. Factors that could
contribute to these differences include, but are not limited to: the cost of
our principal food products and supply and delivery shortages and
interruptions; labor shortages or increased labor costs; changes in
demographic trends and consumer tastes and preferences, including changes
resulting from concerns over nutritional or safety aspects of beef, poultry,
produce, or other foods or the effects of food-borne illnesses, such as E.
coli, "mad cow disease" and avian influenza or "bird flu"; competition in our
markets, both in our business and in locating suitable restaurant sites; our
operation and execution in new and existing markets; expansion into new
markets including foreign markets; our ability to attract and retain qualified
franchisees and our franchisees' ability to open restaurants on a timely
basis; our ability to locate suitable restaurant sites in new and existing
markets and negotiate acceptable lease terms; the rate of our internal growth
and our ability to generate increased revenue from our existing restaurants;
our ability to generate positive cash flow from existing and new restaurants;
fluctuations in our quarterly results due to seasonality; increased government
regulation and our ability to secure required government approvals and
permits; our ability to create customer awareness of our restaurants in new
markets; the reliability of our customer and market studies; cost effective
and timely planning, design and build out of restaurants; our ability to
recruit, train and retain qualified corporate and restaurant personnel and
management; market saturation due to new restaurant openings; inadequate
protection of our intellectual property; our ability to obtain additional
capital and financing; adverse weather conditions which impact customer
traffic at our restaurants; and adverse economic conditions. Further
information regarding factors that could affect our results and the statements
made herein are included in our filings with the Securities and Exchange
Additional information is available on Così's website at
http://www.getcosi.com in the investor relations section.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Così, Inc via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.