Ambac Financial Group Issues Reminder Concerning Expiration of Warrants

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac” or “AFG”) today issued a reminder to the holders of outstanding AFG warrants to purchase common stock of Ambac (NYSE: AMBC/WS) that the warrants will expire on Sunday, April 30, 2023. Because this expiration date is not a trading day on the NYSE, the warrants will not be exercisable after the cutoff time for exercises on Friday, April 28, 2023, at 5 p.m. EDT, set by the Depository Trust & Clearing Corporation (“DTCC”).

The NYSE has notified Ambac that it will suspend trading in the warrants after the close of trading on Tuesday, April 25, 2023, so that all trades can be settled by Friday, April 28, 2023.

Any warrant not exercised prior to DTCC’s cutoff time on April 28, 2023, will expire and become void, and the holder will not receive any shares of AFG common stock.

As of March 31, 2023, there were approximately 4.9 million warrants outstanding. The warrants have an exercise price of $16.67 per share.

Holders of warrants who wish to exercise their warrants should contact the broker or custodian through which they hold their warrants for instructions. Brokers and custodians are encouraged to contact the warrant agent, Computershare Inc. (telephone: 800-546-5141), well in advance of the expiration date and DTCC’s cutoff time on April 28, 2023, to confirm the procedures for exercising warrants.

About Ambac

Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform with a legacy financial guaranty business in run off. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com.

The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest.

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