DAG Media, Inc. (NASDAQ: DAGM) announced this morning that its board of directors has authorized a common stock repurchase. The company is planning to buyback up to 150,000 common shares in market or off-market transactions at prevailing prices over the next twelve months. Dag Media will use its discretion in determining the manner, timing and number of shares to be purchased.
The company recently received a 180 day notice to regain the one-dollar minimum bid price required by NASDAQ to continue being listed. The company has until October 13, 2008 to regain compliance. To be compliant, Dag Media must have the stock’s bid price close above $1.00 for 10 consecutive days, but generally no more than 20 consecutive business days, under certain circumstances.
DAG Media, Inc. through subsidiaries provides short term, secured, non-banking and commercial loans to small businesses. The company also develops innovative software. Dag Media owns three different websites.
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