Accuray board approves stock repurchase plan

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Accuray’s board of directors has approved a plan authorize to repurchase shares of its common stock, enabling the Sunnyvale, Calif.-based company to acquire up to $25 million of its common shares in the open market over a period of one year. Accuray currently has 53.8 million shares outstanding.

The repurchases will comply with the Securities and Exchange Commission's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors, the company said. Accuray also stated that this plan does not obligate it to acquire any particular amount of common stock and the plan may be suspended at any time at its discretion.