Ribbon Communications Inc. - 29 Aug 2022 Form 4 Insider Report for American Virtual Cloud Technologies, Inc. (AVCT)

Role
10%+ Owner
Signature
/s/ Patrick Macken
Issuer symbol
AVCT
Transactions as of
29 Aug 2022
Net transactions value
$0
Form type
4
Filing time
21 Sep 2022, 17:21:35 UTC
Previous filing
10 Sep 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVCT Common Stock Other -13,700,421 -100% 0 29 Aug 2022 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AVCT Warrants Other -43,778 -100% 0 29 Aug 2022 Common Stock 4,377,800 $0.0100 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Ribbon Communications Inc. is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On August 29, 2022, the Issuer and its subsidiary, AVCtechnologies USA, Inc., entered into a Settlement Agreement with the Reporting Person, Ribbon Communications Canada, ULC and Ribbon Communications Operating Company, Inc. (the "Settlement Agreement"). In consideration of the resolution of the disputes between the parties encompassed within the Settlement Agreement, among other things, pursuant to a Stock Redemption Agreement, the 13,700,421 shares of Common Stock issued to the Reporting Person were redeemed by the Issuer for no further consideration and were canceled.
F2 In consideration of the resolution of the disputes between the parties encompassed within the Settlement Agreement, among other things, pursuant to a Warrant Termination Agreement, the Warrants were terminated and canceled.
F3 The Warrants were exercisable at any time through the fifth anniversary of the date of issuance, which was December 1, 2020.