AMBAC FINANCIAL GROUP INC
For the period ended Mar 31, 2025. Filed May 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
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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 first quarter of 2025, Ambac purchased shares from employees that settled restricted stock units to meet employee tax withholdings.
| Jan-2025 | Feb-2025 | Mar-2025 | First Quarter 2025 | |
|---|---|---|---|---|
| Total Shares Purchased (1) | — | — | 173,424 | 173,424 |
| Average Price Paid Per Share | $— | $— | $9.26 | $9.26 |
| Total Number of Shares Purchased as Part of Publicly Announced Plan | — | — | 264,791 | 264,791 |
| Maximum Dollar Value That may Yet be Purchased Under the Plan | $— | $— | $— | $35,179 |
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.
On November 12, 2024, Ambac’s Board of Directors authorized a share repurchase program, under which Ambac may opportunistically repurchase up to $50,000 of the Company’s common shares at management’s discretion over the period ending on December 31, 2026.
The following table shows shares repurchased by year.
| ($ in thousands, except per share) · Year Ended December 31, · YTD2025 | ||||||
|---|---|---|---|---|---|---|
| 2022 · 2023 · 2024 | ||||||
| Shares repurchased | 1,605,316 | 325,068 | 937,141 | 264,791 | ||
| Total cost | $14.2 | $4.5 | $11.7 | $3.1 | ||
| Average purchase price per share | $8.86 | $13.88 | $12.48 | $11.79 | ||
| Unused authorization amount | $35,179 | |||||
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