Communications System Shareholders Approve Sale of Its Transition Networks, Net2Edge Businesses.
TELECOMWORLDWIRE-July 30, 2021-Communications System Shareholders Approve Sale of Its Transition Networks, Net2Edge Businesses
(C)1994-2021 M2 COMMUNICATIONS http://www.m2.com
Communications Systems, Inc. (NASDAQ: JCS), formerly an IoT intelligent edge products and services company, has announced that at its Special Shareholder Meeting, CSI shareholders approved the sale of the Company's Transition Networks and Net2Edge businesses, which comprise the Company's Electronics & Software Segment assets, to Lantronix, Inc. (Nasdaq: LTRX) ("Lantronix"), the company said.
On April 29, 2021, CSI entered into a definitive securities purchase agreement with Lantronix to sell these businesses for a base price of USD 25.0 million to be paid at closing, subject to a working capital adjustment following the closing, plus up to an additional USD 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.
With CSI shareholder approval of the sale, CSI expects the transaction with Lantronix to close on or about August 2...
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