The JCS Stock Rose By 14%. Why Did That Happen?


Shares of the IoT intelligent edge products and services company, Communications Systems Inc. (NASDAQ: JCS) rose 14.46% on Thursday, an increase equivalent to $0.85. During the trading session, the lowest point of the Communications Systems stock was $6.50, while the highest point reached during the day was $6.88. According to the data presented by Barchart, JCS stock closed at $5.88, while 0.26 million shares were traded during the previous session. As a result of entering into a definitive stock purchase agreement, JCS stock price has surged.

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What was the agreement for?

Communication Systems offers products and services built on the Internet of Things. JCS has recently announced that it intends to merge with Pineapple Energy. Through the Pineapple merger, JCS will be positioned for organic growth in addition to acquiring and growing leading solar, energy storage, and energy services companies around the country. Through the grassroots growth of solar electricity paired with battery storage on consumers’ homes, JCS hopes to power the energy transition.

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A definitive securities purchase agreement was reached Thursday between Communications Systems and Lantronix, Inc.

  • A deal was reached between JCS and Lantronix under which the JCS’ Transition Networks and Net2Edge businesses will be sold to Lantronix for a price of $25.0 million to be paid at closing.
  • Additional $7.0 million will be paid in earnout payments as part of the transaction, as well as a working capital adjustment.
  • Payments are based on the Transition Networks and Net2Edge businesses reaching revenue milestones for the two 180-day periods following closing of the sale.

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What else?

In order to sell these businesses, the shareholders of Communications Systems (JCS) must approve the sale and the closing is subject to customary conditions. The transaction is expected to close in June 2021, assuming JCS shareholders approve the transaction. Net2Edge and Transition Networks constitute most of the assets of JCS’ Electronics & Software segment, which has generated revenue of $34.5 million in 2020.


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