Replies to post #42591 on PHI Group Inc (PHIL)

[facts_matter14]

No clue. Won't even try to guess. There are better brains for this one.

[BeamMeUpScotty]

All it means is that they must only buy at the asking prices quoted by the market makers.

So if the quoted ask price was 0.0050 that they don’t put in an order to purchase shares at 0.0060 which would artificially inflate the price.

[BeachBum]

With that, he could have bought many millions mil on Friday open .002 and below like many before the run to .0035+. We know the rules and let’s assume our leader does too.

[Exit6]

I believe this covers purchases on the open market under safe harbor...here you find privately negotiated purchases are not covered under safe harbor. Note privately negotiated repurchases are not bound by daily volume limitations...could be also for price restrictions?

"Are privately negotiated repurchases covered by the Rule 10b-18 safe harbor?

No. In a no-action letter, the SEC declared that privately negotiated repurchases are not eligible for the Rule 10b-18 safe harbor,15 noting that privately negotiated purchases typically present little potential for manipulative practices and therefore do not require the protection of the safe harbor. Even though a company effectuating a privately negotiated repurchase may not avail itself of the rule’s safe harbor, it must nevertheless consider the applicability of the Exchange Act’s general anti-fraud and anti-manipulation provisions. Helpfully, shares repurchased pursuant to a privately negotiated repurchase are not computed into a company’s daily volume limitation, so a company may privately repurchase shares while also engaged in repurchases on the open market."
https://www.skadden.com/insights/publications/2020/03/share-repurchases#:~:text=A%20privately%20negotiated%20share%20repurchase,purchase%20agreements%20with%20individual%20shareholders.