Boston, MA 06/13/2013 (wallstreetpr) – The share prices of Cosi Inc (NASDAQ:COSI) had surged by 11.86 percent to close at $2.08 per share for the end of last trading session. The stock opened at $2.29 and made an intraday high of $2.40 before plunging sharply. Over 18.30m shares were traded in the last trading session.
It has traded below $5 since 2012 and closed at $2.36 yesterday. The company has been warned at least twice by NASDAQ that it was in danger of being delisted. It conducted a reverse stock split last month, trading one share for every four that shareholders owned.
Cosi Inc. (NASDAQ:COSI) unveiled a restructuring plan while also naming Executive Chairman Stephen Edwards as its new chief executive and president, following the resignation of Carin Stutz. Cosi has implemented reductions in its administrative workforce that will result in annual savings of about $1 million. The company didn’t detail how many employees it will cut. It currently employs about 1,820, according to Fact Set. Last month, Cosi Inc (NASDAQ:COSI) reported that its first-quarter loss had widened sharply as revenue fell.
Shares of Cosi Inc (NASDAQ:COSI) closed on Tuesday at $2.36 and were inactive in recent premarket trading. The stock has dropped 22% in the past 12 months. Cosi Inc (NASDAQ:COSI) also announced late Tuesday that it is cutting its administrative workforce, which will result in annual savings of about $1 million Cosi Inc (NASDAQ:COSI) shares closed at $2.36 on Tuesday. They have traded in a 52-week range of $1.90 to $3.92.
