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COSI > SEC Filings for COSI > Form 8-K on 26-Aug-2013All Recent SEC Filings

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Form 8-K for COSI INC


26-Aug-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer


Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On August 20, 2013, Cosi, Inc. (the "Company") received notice from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, for the period ended July 1, 2013, 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). 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.

On August 26, 2013, the Company issued a press release announcing the receipt of the notice from Nasdaq. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release of Cosi, Inc., dated August 26, 2013.


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