Destiny Expands Stock Repurchase Program
July 7, 2010 at 4:01 AM (PT)
DESTINY MEDIA TECHNOLOGIES will expand the share repurchase program announced on NOVEMBER 30th, 2009 to a total of 2.5 million shares, representing approximately 5% of the shares outstanding. Completion of the first 1 million share tranche was announced on MAY 28th.
The board of directors has authorized a second tranche to repurchase up to 1.5 million shares of the company's common stock at a maximum share purchase price of $0.80 per share. The repurchases will be at times and in amounts as the company deems appropriate and will be made through open market transactions. All repurchases will be made in compliance with the Securities and Exchange Commission's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors.
The board approved stock repurchase program runs through JUNE 30th, 2011.