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News Breaks
April 1, 2014
08:18 EDTCOSICosi delays 10-K filing amid financing discussions
As previously disclosed, Cosi said that it may be interested in discussing options for a financing transaction with one of its large shareholders. On March 31, the company received a Non-Binding Term Sheet for a $5M Senior Secured Promissory Note from the shareholder. As described in the sheet, the outstanding principal would bear interest at the rate of 9% per annum, compounded semi-annually, and be payable in arrears on a semi-annual basis. At the company’s option, the first two semi-annual interest payments may be paid at 11% in kind in the form of additional notes. The principal obligations under the note would be due three years from the date the note is executed. The company would be required under the note to pay a finance fee at closing equal to 3.5% of the principal amount at closing and to issue warrants exercisable for a number of shares of Cosi common stock equal to 5% of the company’s issued and outstanding common stock as of the closing date. Following its receipt of the term sheet, the company is continuing discussions with the shareholder regarding the financing and with certain other parties regarding financing proposals and the company’s board of directors and senior management are currently evaluating the terms of the proposals. The company is not able to complete the financing transaction contemplated by the Term Sheet by March 31, the due date for the filing of the company’s Report on Form 10-K for the fiscal year ended December 30, 2013, without unreasonable effort or expense. The company has accordingly delayed the filing of its Form 10-K pending completion of the transaction, Cosi disclosed in a regulatory filing.
News For COSI From The Last 14 Days
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October 7, 2015
06:35 EDTCOSICosi reports September comparable restaurant sales down 3.6% YoY
Company-owned restaurant sales were down 4.5 % YoY while franchise restaurant sales were down 0.3%.
06:34 EDTCOSICosi reports Q3 comparable restaurant sales down 0.3% YoY
Company-owned comparable restaurant sales were down 0.3% YoY while franchise comparable restaurant sales were down 0.2%. Comparable restaurant sales were distorted by certain non-recurring events, including: the impact to the 4 Weeks Ended September 28 resulting from the year over year shift of the Labor Day holiday; business interruptions resulting from the Pope's visit, and termination of a Franchise Agreement resulted in the closure of two franchise locations in California prior to the end of Q3.
September 29, 2015
08:54 EDTCOSICosi coverage resumed with a Buy at Roth Capital
Target $2.60.

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