Ribbon Communications Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds (c) Issuer Purchases of Equity Securities The following table provides information with respect to the shares of common stock repurchased by us for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximate Dollar ​ ​ ​ ​ ​ ​ ​ Total Number of ​ Value of Shares ​ ​ ​ ​ ​ ​ ​ Shares Purchased ​ that May ​ ​ ​ ​ ​ ​ ​ as Part of ​ Yet be Purchased ​ ​ Total Number ​ Average ​ Publicly ​ Under ​ ​ of Shares ​ Price Paid ​ Announced Plans ​ the Plans Period ​ ​ ​ Withheld (1) ​ ​ ​ per Share (2) ​ ​ ​ or Programs (3) ​ ​ ​ or Programs (4) January 1, 2026 to January 31, 2026 ​ 10,526 ​ $ 2.81 ​ — ​ $ 41,045,333 February 1, 2026 to February 28, 2026 ​ 30,659 ​ $ 2.09 ​ 400,333 ​ $ 40,221,360 March 1, 2026 to March 31, 2026 ​ 4,270 ​ $ 2.11 ​ — ​ $ 40,221,360 Total ​ 45,455 ​ $ 2.26 ​ 400,333 ​ $ 40,221,360 (1) Upon vesting of restricted stock awards and performance-based stock units, certain of our employees surrender a portion of the newly vested shares of common stock to satisfy the tax withholding obligations that arise in connection with their vesting. During the first quarter of 2026, 45,455 restricted stock awards were surrendered, with no performance-based stock units surrendered. (2) Represents a weighted ‑ average price of shares surrendered by employees to satisfy tax withholding obligations. (3) In June 2025, we announced a stock repurchase program for the period beginning June 5, 2025 through December 31, 2027, under which our Board of Directors authorized the repurchase of up to $50 million of our common stock at management’s discretion in the open market, in privately negotiated transactions structured through investment banking institutions, or a combination of the foregoing, (the "2025 Repurchase Program" or the “Repurchase Program”). We used $0.8 million to repurchase 400,333 shares of our common stock under the Repurchase Program 48 Table of Contents during the first quarter of 2026. Repurchases are subject to the terms of the Company’s 2024 Credit Facility, as amended, which limits aggregate share repurchases to $15 million and subjects such repurchases to compliance with specified financial covenants and leverage requirements. Based on the foregoing, the Company has $40.2 million remaining authorized for future repurchases. The amount and timing of repurchases are subject to a variety of factors including liquidity, cash flow, stock price, compliance with our credit facility and general business and market conditions. We may also from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of our shares under this authorization. The Repurchase Program may be modified, increased, suspended, or discontinued at any time. The Repurchase Program is being funded using cash on hand and cash from operations. (4) Represents amounts available for repurchases under the Repurchase Program.