Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Since February 3, 2020, the Company 's common stock and warrants have been trading on the NYSE under the symbol “AMBC" and "AMBC WS", respectively. Prior to being listed on the NYSE, the Company's common stock and warrants were listed on NASDAQ under the symbols “AMBC” and "AMBCW," respectively.
Holders
On February 22, 2022, there were 20 stockholders of record of AFG’s common stock and 60 holders of record of AFG's warrants.
Dividends
The Company did not pay cash dividends on its common stock during 2021 and 2020. Information concerning restrictions on the payment of dividends from Ambac's insurance subsidiaries is set forth in Item 1 above under the caption “Dividend Restrictions, Including Contractual Restrictions" and in Note 8. Insurance Regulatory Restrictions to the Consolidated Financial Statements included in Part II, Item 8 in this Form 10-K.
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
The following table summarized Ambac's share purchases during the fourth quarter of 2021. When restricted stock unit awards issued by Ambac vest or settle, they become taxable compensation to employees. For certain awards, shares may be withheld to cover the employee's portion of withholding taxes. In the fourth quarter of 2021, Ambac purchased shares from employees that settled restricted stock units to meet employee tax withholdings.
| Ambac Financial Group, Inc. 27 2021 FORM 10-K |
Table of Contents
October 2021 November 2021 December 2021 Fourth Quarter 2021
Total Shares Purchased (1)
8,057 1,342 — 9,399
Average Price Paid Per Share $ 14.38 16.49 — $ 14.68
Total Number of Shares Purchased as Part of Publicly Announced Plan — — — —
Maximum Number of Shares That may Yet be Purchased Under the Plan — — — —
(1) There were no other repurchase of equity securities made during the three months ended December 31, 2021. Ambac does not have a stock repurchase program.
Warrants
Each warrant represents the right to purchase one share of AFG common stock. The warrants are exercisable for cash at any time on or prior to April 30, 2023, at an exercise price of $16.67 per share. The warrants also have a cashless exercise provision.
On June 30, 2015, the Board of Directors of AFG authorized the establishment of a warrant repurchase program that permits the repurchase of up to $10 million of warrants. On November 3, 2016, the Board of Directors of AFG authorized an additional $10 million to the warrant repurchase program. The remaining aggregate authorization at December 31, 2021, is $11.9 million. Ambac currently has 4,877,617 warrants outstanding.
Stock Performance Graph
The following graph compares the performance of an investment in our common stock from the close of business on December 30, 2016, through December 31, 2021, with the Russell 2000 Index and S&P Completion Index. The graph assumes $100 was invested on December 30, 2016, in our common stock at the closing price of $22.50 per share and at the closing price for the Russell 2000 Index and S&P Completion Index. It also assumes that dividends (if any) were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
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December 31,
2016 2017 2018 2019 2020 2021
Ambac Financial Group, Inc. $100 $71 $77 $96 $68 $71
Russell 2000 Index $100 $113 $100 $123 $147 $167
S&P Completion Index $100 $116 $104 $131 $171 $191
| Ambac Financial Group, Inc. 28 2021 FORM 10-K |
Table of Contents
Item 6. Selected Financial Data
Reserved