system
A chat on subreddit /r/wallstreetbets
human
While the SEC doesn't enforce it, nearly all companies do it.  
  
  
 My guess is legal counsel advises it to be conservative  
  
  
 Either way we have no idea when theyll start. It could be today it could be 345 days from now

gpt
10b5-1 plan lets them buy back during the black period. it would be absolutely retarded to back load buybacks when you think the company is undervalued. it would also be retarded to spread out your buy back through out the year when you think your company is undervalued.