Key Developments For Cosi, Inc.
Cosi, Inc. (COSI.O) (Consolidated Issue listed on NASDAQ Global Market)
Cosi, Inc. Announces Record Date And Subscription Price For Planned Rights Offering
Cosi, Inc. announced that as previously announced, the Company intends to pursue a rights offering for up to $5 million of its common stock, par value $0.01 per share. A record date of November 27, 2009 has been set for the planned rights offering. In addition, the Company announced that the subscription price for the rights offering will be $0.50 per share, which represents an approximately 31% discount to the closing price of Cosi's common stock on November 13, 2009. Upon commencement of the planned rights offering, Cosi will distribute non-transferable subscription rights to purchase shares of its common stock to each holder of its common stock as of the close of business on the record date. The number of shares of Cosi's common stock purchasable upon exercise of the subscription rights will be determined based on the total number of outstanding shares of Cosi's common stock on the record date.
Cosi, Inc. Announces Planned Rights Offering
Cosi, Inc. announced that it filed a registration statement on Form S-3 with the Securities and Exchange Commission for a rights offering to its existing stockholders. The Company plans to make the rights offering through the distribution of non transferable subscription rights to purchase shares of the Company's common stock, par value $0.01 per share, at a subscription price to be determined and subject to an aggregate ownership limitation equal to 19.9% of the Company's common stock. Assuming the rights offering is fully subscribed, the Company currently expects to receive gross proceeds of approximately $5.0 million. The Company is planning to commence a rights offering in order to raise equity capital in a cost effective manner that provides all of Cosi's stockholders the opportunity to participate. The proposed rights offering will also include an over-subscription privilege, which will entitle each rights holder that exercises all of its basic subscription privilege in full the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over subscription right.
Cosi, Inc. Completes Review Of Strategic Alternatives
Cosi, Inc. announced that its Board of Directors has completed the review of strategic alternatives previously announced. After receiving and reviewing several proposals with respect to either a financing or acquisition transaction, and after an extensive review of the Company's current and projected financial performance, the Board determined that pursuit of the Company's current business plan as an independent public company is the strategic alternative that offers the opportunity to maximize shareholder value. Therefore, the Company is terminating all discussions regarding a potential transaction and disbanding the special committee previously formed to explore strategic alternatives.
Cosi, Inc. In Pact To Settle Suit, Pay $1.3 Million To Plaintiff-DJ
Dow Jones reported that Cosi, Inc. said that it has reached an agreement in principle in the matter of Charles Gray vs. Cosi Inc. filed in the Superior Court in the Judicial District of Stamford/Norwalk in Stamford, Conn. Under the terms of the agreement in principle the Company will pay the plaintiff a total of $1.3 million in installments.
Cosi, Inc. Appoints President And Chief Executive Officer
Cosi, Inc. announced that the appointment of James F. Hyatt as its President and Chief Executive Officer (CEO) and as a member of the Company's Board of Directors.
