Communications Systems (JCS) Receives Shareholder Approval to Merge With Pineapple Energy and Announces Expected Merger Closing Date

Communications Systems, Inc. (Nasdaq: JCS) (“CSI” or the “Company”) today announced that CSI shareholders approved Proposal #1, the proposal to approve the merger transaction with Pineapple Energy LLC (“Pineapple”), at the reconvened special meeting of CSI shareholders that was held on March 25, 2022 at 9 a.m. CT.

Roger Lacey, Executive Chair and Interim Chief Executive Officer of CSI, commented, “On behalf of the CSI board of directors, I want to thank all of the CSI shareholders that voted FOR the Pineapple merger. This is a major milestone and a step closer to transforming CSI into the nation’s leading residential energy management company. We are excited to be on the path to closing the merger with Pineapple and completing the other related transactions.”

CSI also announced that the merger transaction with Pineapple is expected to close on Monday, March 28, 2022. Assuming that closing date:

• CSI shareholders of record as of the close of business on Friday, March 25, 2022 will receive one contractual non-transferable Contingent Value Right (CVR) per share of CSI common stock held, which will entitle the CVR holder to a portion of the proceeds of dispositions of CSI’s pre-merger assets after the effective time of the merger.
• CSI will change its corporate name to “Pineapple Holdings, Inc.” on the closing date.
• Pineapple Holdings, Inc. common stock will begin to trade on the Nasdaq Capital Market under the new symbol “PEGY” as of the opening of the stock market on Tuesday, March 29, 2022.

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