Tribune staff report | Cosi Inc., the premium convenience
restaurant company, has received a letter from the Nasdaq saying it
does not meet the $1 minimum bid price for continued listing of its
common stock on the exchange.
Cosi said it intends to appeal the
determination by presenting a plan to meet the minimum price, including
a commitment to effect a reverse stock split. Directors of the
restaurant chain will submit the reverse split proposal to its
stockholders for approval.
Personally, I don’t think Cosi will be around too long, and this is only a symptom. Among others: closing the Highland Park location, a server refusing to serve 15 minutes before closing, and a customer service rep for a Deerfield company having a Washington state area code. There aren’t enough reverse stock splits to take care of those kinds of underlying problems.