Didn't have time to read the whole article (bedtime) but very informative. Follow link at bottom.

* The company may not buy on the opening trade on the NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market or during the last half hour of scheduled trading.

* The company's purchase or bid price may not exceed the highest current independent bid quote or last independent sale price, whichever is higher.

* The company must stay within trading volumeTrading volume

The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares.
..... Click the link for more information. restrictions unless it is doing a block trade.

http://www.thefreelibrary.com/Stock+buybacks:+the+rules-a054636937