Cosi, Inc. (Nasdaq:COSI) today announced the pricing of its initial public offering of 5,555,556 shares of common stock at $7.00 per share. The company raised $38.9 million in the sale.
These securities are being traded on the Nasdaq under the symbol "COSI".
William Blair & Company LLC acted as underwriter for the offering. The Company has granted the underwriter an option to purchase a maximum of 833,333 shares to cover over-allotments of shares. Shares traded hands as high as $10.93 and were selling for $8.50 at midday, a 21% increase over the initial offering price.
Cosi, Inc. operates all-day cafes that feature signature bread and coffee products in a unique environment that changes throughout the day. There are currently 82 Cosi locations in eleven states including Massachusetts, New York, Connecticut, New Jersey, Pennsylvania, Virginia, Maryland, Illinois, Ohio, Michigan, Wisconsin and the District of Columbia.