Cosi facing Nasdaq delisting

(Crain's) — Cosi Inc. of Deerfield, Illinois said Monday that it could be booted from the Nasdaq for failing to meet the exchange's listing requirements.

The Deerfield-based sandwich chain said it received a letter on March 16 stating that is has failed to comply with the $1 minimum bid price. Cosi shares have closed below $1 every trading for the past 12 months, with the exception of May 29, when it closed at $1.

A Cosi representative was not available for comment Monday.

The company said in a statement that it plans to appeal the Nasdaq's decision and hopes to raise its share price by asking investors to approve a reverse stock split. The terms of the proposal were not given.

"Although there can be no assurance that the (appeal) panel will grant the company's request for continued listing, the appeal will stay the delisting of the company's stock from the Nasdaq Global Market pending the panel's decision," Cosi said in its statement.

Cosi has 99 company-owned and 44 franchised restaurants in 18 states. Its shares were down six-tenths of 1 cent at 80.4 cents in trading Monday.