Brian Kiernan

TUCOWS ANNOUNCES $40 MILLION STOCK BUYBACK PROGRAM

Tucows Inc.'s board of directors has approved a stock buyback program to repurchase, from time to time if and as appropriate, up to $40-million of its common stock in the open market.

The new $40 million buyback program will commence February 23, 2024 and will terminate on or before February 22, 2025. Purchases for the new buyback program will be made exclusively through the facilities of the Nasdaq Capital Market. The previously announced $40 million buyback program, which commenced February 10, 2023, has been terminated.

Any shares purchased by Tucows under the stock buyback program will be retired and returned to treasury.

The timing and exact number of common shares purchased will be at Tucows' discretion and will depend on available cash and market conditions. Tucows may suspend or discontinue the repurchases at any time, including in the event Tucows would be deemed to be making an acquisition of its own shares under Rule 13e-3 of the Securities Exchange Act of 1934, as amended. Subject to applicable securities laws and stock exchange rules, all purchases will occur through the open market and may be in large block purchases. Tucows does not intend to purchase its shares from its management team or other insiders.

The purchase will be funded from available working capital and existing credit facilities. As of February 21, 2024, Tucows had 10,936,673 common shares outstanding.

About Tucows

Tucows helps connect more people to the benefit of internet access through communications service technology, domain services, and fiber-optic internet infrastructure. Ting delivers fixed fiber Internet access with outstanding customer support. Wavelo is a telecommunications software suite for service providers that simplifies the management of mobile and internet network access; provisioning, billing and subscription; developer tools; and more. Tucows Domains manages approximately 25 million domain names and millions of value-added services through a global reseller network of over 35,000 web hosts and ISPs. Hover makes it easy for individuals and small businesses to manage their domain names and email addresses.

Tucows, Ting, Wavelo, and Hover are registered trademarks of Tucows Inc. or its subsidiaries.

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