JCS - Dividend announcements

- CSI Shareholders Approved Merger Proposal at Special Meeting on March 25, 2022 - CSI Expects Closing of Merger to Occur on Monday, March 28, 2022 - CSI Shareholders of Record as of the Close of Business on Friday, March 25, 2022 Will Receive CVRs Assuming Closing on March 28, 2022 Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today announced that CSI shareholders approved Proposal #1, the proposal to approve the merger transaction with Pineapple Energy LLC ("Pineapple"), at the reconvened special meeting of CSI shareholders that was held on March 25, 2022 at 9 a.m. CT. Roger Lacey, Executive Chair and Interim Chief Executive Officer of CSI, commented, "On behalf o

- Meeting Adjourned to March 25, 2022 at 9:00 a.m. CT/10:00 a.m. ET - Proposal #1 – Pineapple Merger Proposal – Requires 2/3 of Outstanding - CSI Urges Shareholders to Vote Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today announced that the CSI special meeting of shareholders has been adjourned to Friday, March 25, 2022 at 9:00 a.m. CT/10:00 a.m. ET solely with respect to Proposal #1, the proposal to approve the merger transaction with Pineapple Energy LLC. Proposal #1, along with the other proposals, is described in the proxy statement/prospectus dated February 3, 2022. Proposal #1 continues to have very strong levels of CSI shareholder support. Approximately 66

Urges Investors to vote FOR the Merger at its Special Meeting Submit your vote through your broker, vote online (voting deadline is March 22 at 11:59pm ET) or at the shareholder meeting on March 23 at 1:00 pm CT (2:00pm ET) Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today urges CSI shareholders to vote "FOR" Proposal #1 to approve the merger transaction with Pineapple Energy LLC ("Pineapple"), at the special meeting of shareholders that will be held on Wednesday, March 23, 2022 at 1:00 p.m. Central Time. As of the close of the business day on March 21, 2022, approximately 62% of the CSI total outstanding shares have already voted in favor of Proposal #1. With at l

- CSI Shareholders Will Receive Value from BOTH Legacy CSI Business AND Future Pineapple Business - Very Close Vote and Every Share is Critical to Approval - CSI Urges Shareholders to Vote Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today reiterates the value to CSI shareholders from the merger transaction with Pineapple Energy LLC ("Pineapple") and urges CSI shareholders to vote "FOR" Proposal #1, the proposal to approve the merger transaction with Pineapple, at the special meeting of shareholders that will be held on Wednesday, March 23, 2022 at 1:00 p.m. Central Time. Almost 64% of the CSI total outstanding shares have already voted in favor of Proposal #1. To

Communications Systems, Inc. (NASDAQ:JCS) announced today that effective at 5:00 p.m. Central Time on March 18, 2022, the Company will implement a one-for-four reverse stock split of its outstanding common stock. The Company's common stock will continue to trade under the symbol "JCS" and it is expected to open for trading on Nasdaq on March 21, 2022 on a post-split basis. The reverse stock split is primarily intended to allow the Company to achieve one of the criteria of its continued listing application to the Nasdaq Stock Market following the completion of the previously announced proposed merger transaction with Pineapple Energy LLC, subject to CSI shareholder approval. Upon the effec

- Proposal #1 – Pineapple Merger Proposal – Requires Approval from 2/3 of Outstanding Shares - Other Proposals Required for Merger Were Approved - CSI Urges Shareholders to Vote Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today announced that it conducted its special meeting of shareholders and adjourned the meeting solely with respect to Proposal #1, the proposal to approve the merger transaction with Pineapple Energy LLC. Proposal #1, along with the other proposals, is described in the proxy statement/prospectus dated February 3, 2022. The adjourned special meeting will be held on Wednesday, March 23, 2022 at 1:00 p.m. Central Time. As of March 16, 2022, over 8.

 - Merger is a result of a multi-year, publicly-disclosed strategic alternatives process - Combination of CVRs and continuing ownership in CSI with the post-closing Pineapple residential solar business will provide attractive value and return to CSI shareholders - First CVR distribution expected to be made as soon as August 2022 -Failed merger will negatively impact CSI current assets and may limit future CSI strategic alternatives Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today provided additional insight into the strategic alternatives process that led to the proposed merger with Pineapple Energy LLC ("Pineapple") that will deliver value to CSI shareholders if

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today provided investors with updated information related to the proposed merger transaction with Pineapple Energy LLC ("Pineapple"). CSI's special meeting of shareholders has been scheduled for Wednesday, March 16, 2022, at 10:00 a.m. Central Time to vote on the proposed Pineapple merger transaction, among other things. Beginning on February 4, 2022, the notice of the special meeting and a proxy statement/prospectus was sent to CSI shareholders as of the January 27, 2022 record date. Updating on the current status of shareholder voting, Roger Lacey, CSI's Executive Chair and Interim CEO stated, "We are happy to announce t

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today provided an additional question and answer fact sheet for CSI shareholders relating to the proposed merger transaction with Pineapple Energy LLC ("Pineapple"). The Q&A Fact Sheet provides answers to the following questions: Do CSI shareholders have appraisal or dissenters' rights with respect to the Pineapple Merger Transaction? How much will the CSI executive officers receive at the closing of the merger under their change in control agreements? What are the initial base salaries of the CEO and the CFO of the combined company following the closing of the merger? What is CSI's expected accumulated earnings and

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today provided an investor presentation and questions and answer fact sheet for CSI shareholders detailing the compelling strategic rationale and financial benefits of the proposed merger transaction with Pineapple Energy LLC ("Pineapple"). Interested investors can access the presentation here and can access the Q&A fact sheet here. As previously announced, a special meeting of CSI shareholders has been scheduled for Wednesday, March 16, 2022, at 10:00 a.m. Central Time to vote on the proposed Pineapple merger transaction, among other things. Beginning on February 4, 2022, the notice of the special meeting and a proxy stat

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today highlighted steps to enhance the composition of its board of directors following the closing of the proposed merger with Pineapple Energy LLC ("Pineapple"). Following the completion of the proposed merger with Pineapple, CSI will be renamed "Pineapple Holdings, Inc." ("Pineapple Holdings"), will trade under the new Nasdaq ticker symbol "PEGY," and will be focused on the growing home solar industry, primarily operating through its Hawaii Energy Connection and E-Gear subsidiary businesses. The CSI post-merger board of directors will be comprised of seven members, four of whom will be independent directors. To enhance th

Announces Sale of Hector, Minnesota Real Estate Holdings; Provides Information on Nature of October 15, 2021 $3.50 Special Cash Dividend Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") announced today that on December 16, 2021, the Company entered an amendment (Amendment") to the definitive merger agreement ("Merger Agreement") dated March 1, 2021, between the Company and privately held Pineapple Energy, LLC ("Pineapple"), a growing U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. Under the Amendment, among other things, CSI and Pineapple agreed: to extend the Merger Agreement Outside Date from August 31, 2021 to March

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") announced today that on November 18, 2021, it entered into a purchase agreement with Buhl Investors LLC, a Minnesota limited liability company or its affiliated assignee ("Buyer") for the sale of the Company's headquarters building ("the building") located at 10900 Red Circle Drive, Minnetonka, MN for $6.8 million. The building currently includes the CSI's corporate administrative offices, as well as some operations of the Company's JDL Technologies and Ecessa businesses within its Services & Support operating segment. The building also supports business operations CSI is performing under the transition services agreement i

Records $13.5 million gain on sale of Electronics & Software business segment Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company"), which has operated as a global IoT intelligent edge products and IT managed services company, today announced consolidated financial results for the third quarter ("Q3") ended September 30, 2021. Management Comments for Q3 2021 Roger Lacey, CSI's Interim CEO and Chairman of the Board, commented, "During Q3 2021, we continued our positive trajectory of growing revenues and improving margins in our Services & Support business segment, after the loss of that segment's large educational customer. Our acquisitions of Ecessa in May of 2020 and IVDesk

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") announced today that it has entered into an amended and restated securities purchase agreement with a group of institutional investors (the "PIPE Investors") to make a $32.0 million private placement investment in CSI in connection with the closing of the previously announced merger between CSI and Pineapple Energy, LLC ("Pineapple"). Proceeds of this investment will be used primarily to fund Pineapple strategic initiatives following consummation of the merger. The closing of the PIPE financing is subject to approval of CSI's shareholders. This amended and restated securities purchase agreement replaces a $25.0 million origi

Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company"), today announced that its board of directors has declared a special dividend of $3.50 per share payable on October 15, 2021, to CSI shareholders of record at the close of business on September 30, 2021. The aggregate amount of the special dividend is approximately $34.0 million, to be funded from the net proceeds of the sale of CSI's Transition Networks and Net2Edge businesses, which comprised substantially all of the assets of the Company's Electronics & Software Segment to Lantronix, Inc. (NASDAQ:LNXT) that closed on August 2, 2021, and CSI's existing cash on hand. Comments About the Special Dividend and Shareholder Retur

Reporting strong growth and margin improvement Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company"), which has operated as a global IoT intelligent edge products and services company, today announced consolidated financial results for the second quarter ("Q2") ended June 30, 2021, including a discussion of results of operations by segment. Management Comments for Q2 2021 Roger Lacey, CSI's Interim CEO and Chairman of the Board, commented, "During Q2 2021 we continued to grow revenues and improving gross margins despite global supply chain disruptions resulting from the COVID-19 pandemic, which somewhat constrained our ability to receive inventory on time and affected our cu

Offering Includes Additional $25.0 Million in Investor Warrants Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") announced today that it has entered into an agreement with a group of institutional investors (the "PIPE Investors") to make a $25.0 million private placement investment in CSI in connection with the closing of the previously announced merger between CSI and Pineapple Energy, LLC ("Pineapple"). Proceeds of this investment will used primarily to fund Pineapple strategic initiatives. The closing of the financing is subject to approval of CSI's shareholders. Terms of PIPE Offering Under the terms of the securities purchase agreement, the PIPE Investors have agre

Reporting strong growth and margin improvement Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company"), which has operated as a global IoT intelligent edge products and services company, today announced financial results for the first quarter ("Q1") ended March 31, 2021, including a discussion of results of operations by segment. Management Comments for Q1 2021 Anita Kumar, CSI's CEO commented, "Although our operations in Q1 2021 continued to be affected by the COVID-19 pandemic which resulted in supply chain challenges and delays in project spending by customers, due to the proactive measures we took and the resilience of our team, we were able to take advantage of the growin

Following closing, CSI intends to distribute $3.50 cash per share or approximately $35 million to its shareholders from the net sale proceeds and other available cash Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company"), an IoT intelligent edge products and services company, today announced that it entered into a definitive securities purchase agreement ("Purchase Agreement") with Lantronix, Inc. (NASDAQ:LTRX) ("Lantronix"), to sell the Company's Transition Networks and Net2Edge businesses to Lantronix for a base price of $25.0 million to be paid at closing, subject to a working capital adjustment following the closing, plus up to an additional $7.0 million in earnout payment

MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), an IoT intelligent edge products and services company, today announced financial results for the fourth quarter and full year (“FY”) ended December 31, 2020. Q4 2020 Financial Highlights vs Q4 2019 Q4 2020 consolidated sales from continuing operations decreased by 24% to $11.7 million compared to $15.4 million in Q4 2019, due to lower sales from the Electronics & Software segment compared to Q4 2019 when this segment realized $4.2 million in revenues from a single intelligent transportation project and the continuing impact of project delays driven by COVID-19, partially offse

MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), an IoT intelligent edge products and services company, today announced that it entered into a definitive merger agreement with privately held Pineapple Energy, LLC (“Pineapple”), a growing U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. Upon closing, CSI will commence doing business as Pineapple Energy, with a business model focused on the rapidly growing home solar industry. The Company expects shares of the combined company to continue to trade on the Nasdaq Capital Market under the new ticker symbol “PEGY.” The definitive merg