Cosi Faces Possible Stock Delisting
A Boston-based chain of dining spots that offers soups, salads, and sandwiches has seen its shares of stock drop precipitously over the past year, and now it faces a possible delisting.
The Boston Business Journal is reporting that Cosi received a notice last month from the Nasdaq Stock Market that the bid price of its common stock has closed below $1 for 30 consecutive business days; this triggered a warning that its stock could be delisted if it doesn't surpass the $1 threshold for a minimum of 10 consecutive business days by May 16, 2016, which is 180 days from the date of the initial notice. (Cosi's stock has plummeted almost 70% this year and it is now under 50 cents a share.) The BBJ says that the company had net losses of approximately $16.2 million last year, and it has seen a total of $309.7 million of net losses since it first started out.
Cosi, which was established in 1989, has more than 100 locations across the country, including shops on Federal Street, High Street, Milk Street, State Street, and at South Station in downtown Boston along with others in the Seaport District, the Back Bay, at Logan Airport, and at MIT in Cambridge. Its website can be found at http://www.getcosi.com/
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[Related article from our sister site (Boston's Hidden Restaurants): Slideshow--Twelve Sandwiches from Restaurants in the Boston Area and Elsewhere in New England]