LifeVantage Corp. (LFVN) said Friday that its Board of Directors approved a share repurchase program that authorizes the company to utilize up to $5 million to purchase shares of its common stock.
Any such repurchases will be made out of existing cash or free cash flow from continuing operations, the company said.
The repurchase program permits LifeVantage to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the company's management, in accordance with applicable securities laws. As part of the repurchase program, the Company expects that it will enter into a pre-arranged stock repurchase plan which would operate in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Accordingly, transactions, if any, under the pre-arranged repurchase plan would be effected in accordance with the terms of the stock repurchase plan, including specified price, volume and timing conditions.
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