Comtech Telecommunications Corp. (NASDAQ:CMTL) has closed its strategic and cash accretive acquisition of TeleCommunication Systems, Inc., the company said.
TCS stockholders received USD5.00 per share in cash. As a result of the completion of the merger, the common stock of TCS is no longer listed for trading on the NASDAQ Global Market or any other exchange and trading ceased at the close of the markets on February 23, 2016.
TCS stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker.
Stockholders who hold stock certificates can surrender their certificates for USD5.00 per share in cash, without interest and less any applicable withholding taxes, through the paying agent for the merger, American Stock Transfer & Trust company, LLC.
Comtech Telecommunications designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. Comtech sells products to a diverse customer base in the global commercial and government communications markets.