COSI Stock Faces Nasdaq Delisting

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On Thursday, restaurant chain Così, (COSI) said that it had been advised by the Nasdaq that its stock may soon be removed from the exchange. Not surprisingly, COSI stock fell more than 3% on the news.

Cosi 185COSI noted that it had received notification from Nasdaq’s Listing Qualifications Department indicating that “as of the date of the filing of our Form 10-Q for the period ended March 31, 2014, we have fallen below the $2,500,000 minimum level of stockholders equity required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1).”

The Nasdaq’s advisory informed COSI that it “will be afforded 45 calendar days, or until June 14, 2014, to submit a plan to regain compliance.” COSI said that if Nasdaq approves a submitted plan, it could receive an extension of as much as 180 calendar days to comply with Nasdaq rules.

COSI operates 70 company-owned and 48 franchise restaurants. The chain has locations across sixteen U.S. states, the District of Columbia, Costa Rica and the United Arab Emirates. The chain’s menu focuses on artisan flatbread baked in open-flame stone-hearth ovens in every COSI restaurant.

On Wednesday, COSI stock closed at $1.31 per share.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/05/cosi-stock-faces-nasdaq-delisting/.

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