according to YHOO financial, at 10 bucks a share 30M buyback is roughly 10% of shares outstanding. Quite substantial.
However, it's kinda unusual for a smallcap, just 8 months away from it's IPO to take that kind of step. It's strikes me as kind of amatuerish and premature. Doesn't inspire a lot of confidence in the leadership of this company.
If the stock price goes down, it goes down. It all depends on Q revenues and profit going forward. That should determine stock price.
I think caution is appropriate. Particularly with little info. Merrill bypassing "hold" and going straight from a "strong buy" to a "strong sell" when it's already around 10 bucks a share needs some explaining.