Rainmaker Systems (RMKR) Extends The 3M Share Buyback Program
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Rainmaker Systems, Inc. (Nasdaq: RMKR) announced that its Board has extended the term of the Company's previously announced Stock Repurchase Program from July 31, 2009 to January 31, 2010.
Rainmaker's Board approved the Program on July 31, 2008, authorizing the repurchase of up to a maximum of $3.0 million shares of the Company's common stock. The Program was initially scheduled to have a one-year term. The Program can be commenced, suspended or terminated at any time, or from time-to-time, at management's discretion without prior notice.
Since inception of the program through May 14, 2009, Rainmaker has repurchased approximately 466,000 shares of its common stock at a cost of approximately $653,000 and at an average purchase price of $1.40 per share. The authorized amount remaining to be repurchased under the program is approximately $2,347,000.
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