Sinnet Capital Partners issues letter to Franklin Wireless’ board of directors

Sinnet Capital Partners, along with Managing Partner Timothy Hasara, collectively own 380,000 shares or 3.2% of the outstanding shares of Franklin Wireless and issued the following public letter to the Company’s Board of Directors: “Franklin Wireless has generated cash over time, and specifically since the beginning of Covid. The cash has grown from $12.9 million in March 2020, at the beginning of the pandemic, to $33.6 million at the end of the most recent quarter, ending September 2023. However, the stock performance is basically unchanged since this period of time! Franklin Wireless has no debt and approximately $2.86 per share in cash. Shareholders should be rewarded with this cash generation – returned in the form of a special dividend and stock buyback. Sinnet Capital Partners recommends the Board of Directors take the following actions: The company pays a special dividend of $1.00 per share. The company executes a $10 million Dutch tender buyback of the stock. The company hires an IR firm to issue Press Releases for significant events and earnings filings. Franklin Wireless has had a number of great accomplishments over the last 12 months. However, investors have to reach far and wide to find out about these achievements. The company has been awarded four contracts since last December that Sinnet Capital believes were significant, but they did not issue a Press Release in any of the national news services utilized by most investors… Franklin Wireless did issue Press Releases on a national news service in the past, GlobeNewswire, but stopped doing so in 2021. The stock closed the end of 2022 at $4.46 per share and the stock closed at $3.03 on December 22, 2023. Sinnet Capital believes the stock has not performed well over the last year, down primarily as the result of the company not issuing Press Releases regarding their contract announcements and earnings. Sinnet Capital urges the board to pay a $1 special dividend, execute a $10 million dollar Dutch tender buyback and hire an IR firm to issue Press Releases.”