Stock Alert: Communications Systems Surges 75% On Merger Deal With Pineapple Energy

(RTTNews) - Shares of Communications Systems Inc. (JCS) surged over 75% on Tuesday morning after the company announced merger deal with privately held Pineapple Energy, LLC.

JCS is currently trading at $9.46, up $4.11 or 76.82%, on the Nasdaq.

Communications Systems, an IoT intelligent edge products and services company, announced a definitive merger agreement with privately held Pineapple Energy, LLC, a U.S. operator and consolidator of residential solar, battery storage, and grid services solutions.

Upon closing, Communications Systems will commence doing business as Pineapple Energy, with a business model focused on the rapidly growing home solar industry. The combined company will trade on the Nasdaq under the new ticker symbol "PEGY."

The transaction is expected to close in the second quarter of 2021.