Superbee, there are no rules that I know of as to what PPS the CEO sets to buy back a stock. They could set a buy at the bid or just buy at the ask. I'm also not aware of any rules as to how much a CEO can buy in a day, the same with how much they can sell in a day.
One has to ask themselves why any penny stock CEO would buy shares back in the open market when non are in the black and use stock as a means of capital.
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