Any long term investor (not trader) will not be happy with a stock buy back that offers less than they paid for the shares they own. My current cost basis is $9.30. Others probably have a higher basis. At current approximately $8 price, I wont sell my shares back. So reducing the number of shares isn't really going to help long term investors, only traders. Another management mistake to add to the list.
Addition thought: there is no incentive to buy this stock until the board announces what it will do. This is one reason the stock price is range bound. Why would anyone buy higher priced shares if they will have to sell them back for less? A dividend at least would lure investors and allow the share price to grow.