Communications Systems, Inc. Announces $25.0 Million Equity Financing to Close Concurrently With CSI–Pineapple Merger and Fund Growth Initiatives
Communications Systems, Inc. (JCS)
Last communications systems, inc. earnings: 7/31 08:00 am
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US:NASDAQ Investor Relations:
commsystems.com/csi/index.php/investor-resources
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Source: Business Wire
Offering Includes Additional $25.0 Million in Investor Warrants MINNETONKA, Minn.--(BUSINESS WIRE)--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 OfferingUnder the terms of the securities purchase agreement, the PIPE Investors have agreed to purchase $25.0 million in newly authorized CSI Series A Convertible Preferred Stock convertible at a price of $3.40 per share into CSI common stock, with five-year warrants to purchase an additional $25.0 million of common shares at that same price (the “PIPE
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