Cosi, Inc. Receives Nasdaq Notice of Delisting of Company's Common Stock
October 03 2016 - 6:30AM
Così, Inc. (NASDAQ:COSI), the fast-casual restaurant company, today
announced that, on September 29, 2016, it received notice from the
Listing Qualifications Department of The Nasdaq Stock Market
indicating that, in accordance with Listing Rules 5101, 5110(b) and
IM-5101-1, Nasdaq has determined that the Company’s securities will
be delisted from The Nasdaq Stock Market. Given the continued
listing requirements of The Nasdaq Stock Market and the Company’s
pending Chapter 11 cases, the Company does not plan to appeal the
Nasdaq determination to delist the Company’s common stock.
Accordingly, trading of the Company’s common stock will be
suspended at the opening of business on October 10, 2016, and a
Form 25-NSA will be filed with the Securities and Exchange
Commission, which will remove the Company’s securities from listing
and registration on The Nasdaq Stock Market.
The Company’s securities may be eligible to be
quoted as an OTC security, also known as the "Pink Sheets." To be
quoted as an OTC security, a market maker must sponsor the security
and comply with SEC Rule 15c2-11 before it can initiate a quote in
a specific security. If the Company's securities are delisted from
The Nasdaq Stock Market, there can be no assurance that a market
maker will apply to quote the Company's common stock or that the
Company's common stock will become eligible for trading as an OTC
security.
The Company's security holders are cautioned
that trading in the Company's securities during the pendency of the
Chapter 11 cases will be highly speculative and will pose
substantial risks. Trading prices for the Company's securities may
bear little or no relationship to the actual recovery, if any, by
holders thereof in the Company's Chapter 11 cases. Accordingly, the
Company urges extreme caution with respect to existing and future
investments in its securities.
About Così, Inc.
Così (http://www.getcosi.com) is an
international fast casual restaurant company. At the heart of
every Cosi® restaurant is an open-flame stone-hearth oven where the
Così® signature flatbread is made from scratch throughout the
day. The flatbread is made from a generations-old recipe and
is part of many Così® favorites. Così® was founded on the idea that
good-for-you food should be delicious. Menu items are made
using fresh ingredients and distinctive sauces and spreads to
create edgy flavors. The menu features made-to-order
sandwiches, hand-tossed salads, bowls, breakfast wraps, melts, all
natural soups, signature Squagels®, artisan flatbread pizzas,
S`mores, snacks and desserts. Guests can also enjoy
handcrafted beverages and a variety of coffee-based and specialty
beverages.
Così® employees create a welcoming environment
where guests are invited to relax and enjoy great food. In
many cases, Così® is the cornerstone of the communities that they
are in and take pride in supporting community organizations and
local charities. There are currently 45 Company-owned and 31
franchise restaurants operating in fourteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
"Così," "(Sun & Moon Design)" and related
marks are registered trademarks of Così, Inc. in the U.S.A. and
certain other countries. Copyright © 2016 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 results being reported in this release are unaudited and
subject to change; 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, including debtor-in-possession (DIP) financing; our
success in restructuring the Company; our success in finding a
purchaser of our assets; 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 Commission.
Additional information is available on Così's
website at http://www.getcosi.com in the investor relations
section.
CONTACT:
Vicki Baue
InvestorRelations@getcosi.com
857-415-5030