Ambac extends AAC sale to Oaktree to Dec 31, 2025; warrant conversion terms amended

OCTAVE SPECIALTY GROUP INC

Sale of Ambac Assurance (AAC) and Ambac UK to Oaktree extended to Dec 31, 2025; deal price remains $420M cash.
Warrant conversion amended: Oaktree may convert up to one-third of the warrant at a time, aggregate cap $70M.
Oaktree waives right to designate a board director under the Investor Rights Agreement.
Parties to cooperate on office leases and Oaktree waives certain pre-closing company payment adjustments.
Closing still subject to Wisconsin OCI regulatory approval; both parties state full commitment to completion.

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