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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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February 3, 2016
06:34 EDTCOSICosi reports January comparable restaurant sales down 1.7%
Reports January company-owned restaurant sales down 0.5% and franchise restaurant sales down 4.3%. The company commented, "While I am disappointed with the sales results for the period, I am encouraged by three things. First, we are on track with our internal cash projections. We took a very conservative approach in forecasting sales for the period, being mindful of risks, and we are taking steps to mitigate those risks on a daily basis. Second, we continue to see 20-30% of our restaurants growing double digit sales. And third, Boston continues to drive strong positive results month after month."

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