Cosi to Be Delisted from The Nasdaq Stock Market
A troubled Boston-based chain of dining spots has just been hit with more bad news.
Yahoo Finance is reporting that Cosi has received a notice from The Nasdaq Stock Market saying that its common stock will be delisted, with the suspension of the company's securities taking place at the opening of the market on October 10, though it is possible--but not guaranteed--that its stock could become eligible for trading as an OTC security. The article says that the company does not plan to appeal the decision.
The news of Cosi's stock delisting was not completely unexpected, as it was reported late last year that the company was in danger of this because the bid price of its common stock had closed below $1 for 30 consecutive business days. (As of this morning, the stock had a price of four cents.) In addition, last week it was announced that Cosi filed for Chapter 11 bankruptcy shortly after it was announced that its shop in Boston's Back Bay had shut down; we are still trying to find out if any of its other stores in Boston or Cambridge have also closed, or whether any might be closing at some point in the future.)
Cosi Files for Chapter 11 Bankruptcy
Cosi in Boston's Back Bay Has Closed
Cosi Faces Possible Stock Delisting
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[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]