Zicix Corp (ZICX)

[urbanempire10]

Well, they can only buyback 25% of the average volume per day - which is around 2 to 6 million shares depending on the day. The buyback started on April 8th. So, today is the 29th trading day since the buyback was initiated.

Since the company say mentioned several times that they planned on buying back half of the float that's 200 million shares. Let's say we assume that the company is buying on the low end, around 3 million shares a day. If that's the case then it would take about 67 days for the buyback to finish meaning that it would be just about half way over. If they were doing 5 million shares a day it would take 40 days. If they were buying back at 6 million a day, it would take 33 days to finish - and it would be just about finished. The problem is we just don't know how much they've bought back yet. Some days is likely that they bought a lot (remember all those 11s and 12 a few weeks ago) and others they probably didn't buy any. According to the last PR, Graham stated that the company plans to PR the updated float as soon as the receive the certificate from the TA.

The problem I have is that it takes 4-6 weeks for the TA to update the share count. That probably means we will get an update within the next week or so, but even then those numbers will likely only reflect the initial burst of the buyback in early April. It will probably take several more weeks to get updated on the true new float.