TORONTO, Nov. 24, 2023 (GLOBE NEWSWIRE) -- This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issuers in connection with the filing of an early warning report (the "Early Warning Report") by Noman A. Worthington, III in respect of his ownership position in Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG) (the "Corporation").
On November 3, 2023, Old Town Gelato, LLC ("OTG"), an entity controlled by Mr. Worthington, filed a Form 45-102F1 under the Corporation's SEDAR profile at www.sedarplus.com in which OTG disclosed its intention to sell up to 785,940 common shares of the Corporation ("Shares"). OTG indicated that it was proposing to sell the Shares in order to reduce the capital gains tax payable by it in connection with its receipt of a portion of the 9,142,856 Shares that were distributed by the Corporation on May 9 2023 to the former owners of StarBlue Inc. ("StarBlue") in satisfaction of the Corporation's remaining purchase price obligations under the terms of the stock purchase agreement dated January 28, 2021 between, inter alia, the Corporation, StarBlue and Star2Star Holdings, LLC ("S2S").
On November 22, 2023, OTG sold 785,940 Shares over the facilities of the Toronto Stock Exchange at an average price of C$3.5006 per Share. The Shares sold by OTG represented approximately 2.4% of the Shares outstanding as of the date thereof.
As of the date hereof, Mr. Worthington has, directly or indirectly through OTG and S2S, beneficial ownership or control over 6,400,662 Shares (consisting of 6,306,977 Shares held by OTG and 93,686 Shares held by S2S), representing approximately 19.3% of the Shares outstanding as of the date hereof.
A copy of the Early Warning Report filed by Mr. Worthington in connection with the transactions described above is available on the Corporation's SEDAR profile at www.sedarplus.com
The head office of the Corporation is located at Suite 100, 100 Renfrew Drive, Markham, Ontario L3R 9R6 and Mr. Worthington's address is c/o Sangoma Technologies Corporation, Suite 100, 100 Renfrew Drive, Markham, Ontario L3R 9R6.
To obtain a copy of the Early Warning Report filed under National Instrument 62-103, please contact Samantha Reburn, General Counsel of the Corporation, at 1-905-474-1990 ext. 4134.
