Dear Student
Yes in reproduction phase Gemmae are present and the cycle takes place as mentioned below;
By Gemmae:
During unfavorable conditions, the terminal cells of the protonemal branches divide by transverse, longitudinal divisions and form green multicellular bodies of 10-30 cells (Fig. 4). These are called gemmae. At maturity gemmae become slightly reddish brown in colour. On the return of favourable conditions gemmae germinate and form new plants.
Regards