Franklin Wireless Corp.'s stock (FKWL) was up by 13% in premarket trading on Thursday after its 3.2% shareholder Sinnet Capital Partners requested a special dividend and stock buyback. Sinnet Capital said Franklin Wireless should pay a special dividend of $1 a share, execute a $10 million dollar Dutch tender buyback and hire an investor relations firm to issue press releases. "Franklin Wireless has had a number of great accomplishments over the last 12 months," said the letter from Sinnet Capital's Timothy Hasara. "However, investors have to reach far and wide to find out about these achievements." The letter said the company has not issued press releases on its acquisitions with any of the national news services typically used by investors. Prior to Thursday's moves, Franklin Wireless's stock was down by 30.7% in 2023, compared to a 44.2% rise by the Nasdaq.

-Steve Gelsi

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December 28, 2023 08:15 ET (13:15 GMT)

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