The repurchase of 818,897 warrants (13.2% of ITGR) for $3.4 million is as beneficial as a big share repurchase, which I had previously hoped they would initiate. Here are some reasons why I believe this is very positive for ITGR:
(1) Actions speak louder than words. This big repurchase demonstrates management's belief that the shares are cheap. It was an "attractive use of available funds." This repurchase is also confirms management's confidence in ITGR's future.
(2) Management believes that the repurchase will be accretive to fully diluted EPS.
(3) The repurchase eliminated the share dilution that would have resulted from the warrants' exercise and removed a potentially big seller of the shares.