Image Sensing Systems Inc (NASDAQ: ISNS) is trading higher Friday morning after the company announced a series of strategic changes.
What Happened: Image Sensing Systems announced the initiation of a quarterly cash dividend of $0.12 per share. The dividend will first be issued on May 20 to shareholders on record as of May 10.
- The company authorized a stock buyback program for repurchase of up to 200,000 shares of common stock.
- The company also announced the implementation of a new holding company, Autoscope Technologies Corporation, which will become the new parent company of Image Sensing Systems and replace Image Sensing Systems as the public company trading on Nasdaq.
Existing shares of Image Sensing Systems will be automatically converted one-for-one into shares of Autoscope Technologies Corporation.
The holding company reorganization is expected to be completed by the end of the second quarter of 2021.
Price Action: Image Sensing Systems has traded as high as $6.36 and as low as $3.25 over a 52-week period. The stock was up 23.30% at $5.68 at last check Friday.
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