Read this a few times now. If a company that announced a "blackout period", like PTSC has, is included in the "3 month look back period" they are also included in the answer to question number 15. And if I read that right, PTSC is allowed to repurchase shares based on the guidelines they state.

Am i wrong here?

Question 15: With respect to the "merger exclusion," if 25% of an issuer's ADTV in its stock is 50,000 shares, and the issuer's previous Rule 10b-18 repurchase activity during the three full calendar months prior to the date of announcement of a merger is an average of 10,000 shares per day, how many shares can the issuer repurchase within the safe harbor once the merger is announced?

Answer: Because the issuer is limited to repurchasing the lesser of 25% of the ADTV in its securities, or the daily average amount of its own Rule 10b-18 repurchase activity during the past three months prior to the date of announcement of the merger, the issuer may purchase 10,000 shares per day.

Question 16: If an issuer has just announced a merger, can the issuer rely on Rule 10b-18's amended "one block per week" exception during this post-announcement period?

Answer: Yes, so long as the issuer does so in accordance with its prior reliance on the amended "one block per week" exception during the three-month "look back" period.

Question 17: Does the three-month "look back" period include "black out" periods (i.e., periods in which the company refrains from repurchasing its shares because of insider trading concerns) that may be self-imposed by the issuer?

Answer: Yes. The three-month "look back" period includes any "black out" periods that may have been self-imposed by the issuer.