Item 2. Unregistered Sales of Equity Securities
Item 2. 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
The following table summarizes Ambac's share purchases during the third quarter of 2022. 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.
On March 30, 2022, our Board of Directors approved a share repurchase program authorizing up to $20 million in share repurchases, with an expiration date of March 31, 2024, which may be terminated at any time. From April 1, 2022, through June 30, 2022, AFG repurchased 1,605,316 shares for $14.2 million at an average purchase price of $8.86 per share. On May 5, 2022, the Board of Directors authorized an additional $15 million share repurchase bringing the total unused authorized amount to $20.8 million.
Jul-2022 Aug-2022 Sep-2022 Third Quarter 2022
Total Shares Purchased 2,580 10,320 620 13,520
Average Price Paid Per Share $ 11.35 $ 12.10 $ 14.44 $ 12.06
Total Number of Shares Purchased as Part of Publicly Announced Plan — — — —
Approximate Dollar Value of Shares That may Yet be Purchased Under the Plan (in millions) $ 21 $ 21 $ 21 $ 21
Item 3. Defaults Upon Senior Securities — No matters require disclosure.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.