None of "the rules" you posted would have prevented VirTra from buying 10,000 or 20,000 or whatever number of shares today. In other words, had they made such a purchase they would NOT have violated ANY of those rules.
1. They already work with a broker who accumulates (buys) and distributes (sells) shares for and to the company. So buying from a single broker is a non-issue, that is how they always do it. I would guess that broker has inventory of 50,000 to 100,000 shares.
2. Timing - no issue as they could buy mid-day.
3. Price - no issue as their broker can buy/sell to others and move price to where-ever. In other words, they can always manufacture an independent bid or manufacture a latest transaction of record.
4. The 25% rule is NOT for a one-day time period only. Companies have a ton of discretion with respect to this one. In other words, VTSI avg daily trading volume is about 14,000 shares so their avg weekly volume is about 70,000 shares and their avg monthly volume is about 300,000 shares. They could have bought 75,000 shares today and most likely not gotten even a hand slap from the SEC.
Your other point about their capital structure making the buyback worthless is simply not true. Compare shares outstanding today to one year ago. The number IS falling and I consider that to be AWESOME.
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