Cosi (COSI) Announces Date and Price for $5M Common Stock Rights Offering
Cosi, Inc. (NASDAQ: COSI) 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.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
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