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Communications Systems, Inc Announces $25 0 Million Equity Financing to Close Concurrently With CSI–Pineapple Merger and Fund Growth Initiatives
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Communications Systems, Inc Reports First Quarter 2021 Financial Results – Consumer Electronics Net
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9 hours ago
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
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 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 payments based on revenue milestones for the Transition Networks and Net2Edge businesses in the two 180-day periods after closing of the sale.
Lantronix (LTRX) to Acquire Electronics and Software Reportable Business Segment From Communications Systems Inc
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Transaction brings increased scale and operating efficiencies to Lantronix; combined annual revenue expected to exceed $100 million
Adds complementary switching, PoE and media conversion technologies to Lantronix IoT connectivity portfolio
Anticipates $7 million in annualized expense synergies to be implemented over 24-month period following close of transaction
Expects day-one accretion to earnings (excluding acquisition-related costs), with significant contribution to earnings in the first full year
Announces conference call to discuss the acquisition
/EIN News/ IRVINE, Calif., April 29, 2021 (GLOBE NEWSWIRE) Lantronix Inc. (“Lantronix”) (NASDAQ: LTRX), a global provider of Software as a Service (SaaS), connectivity services, engineering services, intelligent hardware and turnkey solutions for the Internet of Things (IoT) and Remote Environment Management (REM), today announced that it has entered into a definitive Securities Purchase Agreement to acquire Transition