Cosi completes share rights offering

by Josh Sosland
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DEERFIELD, ILL. — Cosi, Inc. on Jan. 7 said its rights offering expired on Jan. 6 and has been over-subscribed. Under terms of the offering, shareholders of record on Nov. 27, 2009, were able, beginning Dec. 8, to buy one subscription right for each share of common stock owned. Each right entitles the holder to purchase 0.2447 shares of Cosi common stock at a price equal to 50c per full share. With the offering completion, Cosi will issue 10 million shares to stockholders who exercised their subscription (and over-subscription) privileges. The company said it will receive gross proceeds of about $5 million from the rights offering. “Given the current state of the economy, we feel it is important to shore up our financial resources and provide some resources to continue to improve our product offering and broaden our customer reach,” said James F. Hyatt, chief executive officer. “The proceeds from this offering will assist us in moving forward on those objectives.”

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