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 first quarter of 2024.
Jan-2024 Feb-2024 Mar-2024 First Quarter 2024
Total Shares Purchased — — 42,016 42,016
Average Price Paid Per Share $ — $ — $ 16.24 $ 16.24
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) $ 16 $ 16 $ — $ —
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 first quarter of 2024, Ambac purchased shares from employees that settled restricted stock units 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
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.