AMBAC FINANCIAL GROUP INC
For the period ended Jun 30, 2024. Filed Aug 5, 2024.
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Jun 30, 2024 · Filed Aug 5, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
(a) Unregistered Sales of Equity Securities —No matters require disclosure.
(b) Purchases of Equity Securities By the Issuer and Affiliated Purchasers
When restricted stock unit awards issued by Ambac vest or settle, they become taxable compensation to employees. Shares may be
withheld to cover the employee's portion of withholding taxes. In the second quarter of 2024, no employee equity settlements occurred and Ambac did not purchase shares from employees to meet employee tax withholdings.
On March 29, 2022, our Board of Directors approved a share repurchase program authorizing up to $20 million in share repurchases, and on May 5, 2022, the Board of Directors authorized an additional $15 million share repurchase. This program expired on March 31, 2024. The following table shows shares repurchased by year.
| ($ in millions, except per share) | 2023 | 2022 | Total |
|---|---|---|---|
| Shares repurchased | 325,068 | 1,605,316 | 1,930,384 |
| Total cost | $4.5 | $14.2 | $18.7 |
| Average purchase price per share | $13.88 | $8.86 | $9.70 |
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