Shares of connectivity infrastructure products and services provider, Communications Systems, Inc. (JCS) are up more than 16% Tuesday morning after the company’s Board recommended a special dividend of $3.50 per share.
The special dividend is payable on October 15, 2021, to shareholders of record at the close of business on September 30, 2021.
The aggregate amount of the dividend of about $34 million is to be funded from the net proceeds from the sale CSI’s Transition Networks and Net2Edge businesses, the company said.
JCS, currently at $7.88, has been trading in the range of $3.70- $11.45 in the last one year.
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