AZUSA, Calif. Beauty company Physicians Formula announced on Friday that in light of the unanticipated change in the volume limitation under Rule 10b-18 of the Securities Exchange Act of 1934, it has terminated its Rule 10b5-1 trading plan dated Sept. 12, 2008.
Physicians Formula gave notice of the termination to the broker on Thursday. The notice takes effect Friday.
As of the close of trading on Thursday, approximately $6.5 million remained authorized for repurchases under the company’s previously announced stock repurchase program for up to $10 million of the its common stock.
Under the repurchase program, the company may continue to repurchase shares of its common stock in the open market or in privately negotiated transactions, in compliance with the safe harbor provisions of Rule 10b-18 under the Exchange Act. The window for such discretionary repurchases is currently closed and will reopen two full trading days after Physicians Formula announces its third fiscal quarter results.
The repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock, and the program may be extended, modified, suspended or discontinued at any time.