Benzinga | Sep 14, 2021 05:52AM EDT

Why Are Communications Systems' Shares Trading Higher Today?

* Communications Systems Inc's (NASDAQ:JCS) board declared a special dividend of $3.50 per share payable on October 15 to shareholders of record on September 30.

* The net proceeds of the sale of CSI's Transition Networks and Net2Edge businesses and CSI's existing cash on hand will help to fund the special dividend worth $34 million.

* Communications Systems held $21.1 million in cash and equivalents as of June 30.

* Price Action: JCS shares traded higher by 39.1% at $9.39 in the premarket session on the last check Tuesday.