LifeVantage Corp. (LFVN) announced that its Board approved a share repurchase program that authorizes the company to utilize up to $5 million to purchase additional shares of its common stock. The company said it is nearing completion of repurchasing the $5 million under the repurchase program that was previously approved and announced in December 2012.
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. 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.
In addition, the company said it has begun the process of analyzing the merits of potential methods of reducing the number of outstanding shares. The company noted that it will provide additional details about the results of its analysis as appropriate.
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