Excellent, thank you very much.
SEC rule 10b-18, no buybacks in the last thirty minutes of the trading day. And more importantly for our intents and purposes, they are not allowed to purchase at a higher price than the previous trade.
So it does not necessarily need to be at the bid, just as long as the current price is equal to the ask, they may buy at the ask. When the current price is equal to the bid, they are not allowed to slap the ask to increase the price.
Also, they can not account for more than 25% of the average trading volume. I missed what average they go by (3 month moving? 1 month moving?), but this rules out high volume days being a direct result of a buyback since they aren't really allowed to trade too many shares in a day.
If the O/S was really 1.3xxx billion already then that means they likely started the buyback sooner than they said because they would not have had time to buy the 200+ million shares in that short amount of time without exceeding they maximum amount of shares theyre allowed to buy in one day according to SEC 10b-18
My opinion is that the buyback will not increase the price yet but may make this trade thinner as buying pressure increases or decreases. Of course it will help us all when the financials come out, or if we start getting revenue... which will lead to higher valuation per share as the number of shares decreases.
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