Now this gets interesting. Do they have the finances to buy shares? Yes if they throttle back the 5 year plan. Perhaps if they can structure a little extra debt to use along the way. More likely this is the best way DR SN can signal to the market that he feels very undervalued. The launch of the 5 year plan was not received well, his insider buying has not convinced the market, and the IR program has not worked. I believe they are trying all that they can, they are just not able yet to disclose customers and relationships. Yet. The risk here is that they run their cash levels too low, not at all likely as Dr SN runs a tight cautious ship, or that the fewer shares o/s the easier this becomes for MRE or anyone else who wants to buy the business. I do not think that risk is insignificant.
a good ir program takes a year to set up and become relevant, I think they are trying, and the issuer bid is about all they can do until they can clarify the expansion plans.