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
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,
YTD
2025
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
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.