The company can buy its own shares but a number of restriction apply. In effect all these restriction amount to protecting creditors and preferred shareholders. The California code talks about the fact that such a purchase cannot dissipate the assets of the corporation and the company must use for this retain earnings and that the assets must be 125% of liabilities. Also this distribution cannot render the company insolvent. I am sure Edig satisfies these condition but I do not know the number of the preferred shares outstanding and what they entail in terms of obligations. Otherwise the increase demand for shares in the market will have a very positive impact on the price. For sustained price improvement, the market will also evaluate the financial strength of the company after such a purchase and what they plan to do with the remaining funds.