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<title>ambc-20210625</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM183L2ZyYWc6Mzg1YTBjN2I2ZWRlNGRhNGI4MGFjYjZmYWY0MWIyN2IvdGFibGU6MzI1MmUxZjYyYWI3NDk0ZDhkOTI1ZGUxMmVhZGE1ODQvdGFibGVyYW5nZTozMjUyZTFmNjJhYjc0OTRkOGQ5MjVkZTEyZWFkYTU4NF8yLTEtMS0xLTA_e1701bdb-1794-4b93-8e5d-240982bfd64a">0000874501</ix:nonNumeric><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt:booleanfalse" name="dei:AmendmentFlag" 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style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION </span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549 </span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:19.444%"><tr><td style="width:1.0%"></td><td style="width:59.802%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.659%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.239%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:100%">FORM</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6N2FjZmNlOGY1OGE3NGJjNDgyM2E1MjJjNjBiZDVlOWEvdGFibGVyYW5nZTo3YWNmY2U4ZjU4YTc0YmM0ODIzYTUyMmM2MGJkNWU5YV8wLTItMS0xLTA_09588f1c-112e-4f38-8e33-e79e0b7b410d">8-K</ix:nonNumeric></span></td></tr></table></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13.5pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Date of Report (Date of earliest event reported):  <ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" 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id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6YTkxMWE1OGRiN2UyNGFjOTk2MWUwMTNkMjhjODQ0ZGYvdGFibGVyYW5nZTphOTExYTU4ZGI3ZTI0YWM5OTYxZTAxM2QyOGM4NDRkZl8wLTEtMS0xLTA_faa39200-0ade-426b-a5ce-df84d0098b52">(212)</ix:nonNumeric></span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6YTkxMWE1OGRiN2UyNGFjOTk2MWUwMTNkMjhjODQ0ZGYvdGFibGVyYW5nZTphOTExYTU4ZGI3ZTI0YWM5OTYxZTAxM2QyOGM4NDRkZl8wLTItMS0xLTA_69c33a66-f860-4f63-91e0-b6389692dbdf">658-7470</ix:nonNumeric></span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Registrant's telephone number, including area code)</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:2.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:95.246%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6M2UzZjRhZTMwMjg5NDU3OTk5ZWVhMjFhODBkZTg3NTAvdGFibGVyYW5nZTozZTNmNGFlMzAyODk0NTc5OTllZWEyMWE4MGRlODc1MF8wLTAtMS0xLTA_0832a867-3206-4101-ad8b-2624df690687">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6M2UzZjRhZTMwMjg5NDU3OTk5ZWVhMjFhODBkZTg3NTAvdGFibGVyYW5nZTozZTNmNGFlMzAyODk0NTc5OTllZWEyMWE4MGRlODc1MF8yLTAtMS0xLTA_d497bf2d-6a1b-4bbf-b03a-5b1022457f38">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6M2UzZjRhZTMwMjg5NDU3OTk5ZWVhMjFhODBkZTg3NTAvdGFibGVyYW5nZTozZTNmNGFlMzAyODk0NTc5OTllZWEyMWE4MGRlODc1MF80LTAtMS0xLTA_1a32d3f3-4f67-4e39-b830-5b76891088d6">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<br/>(17 CFR 240.14d-2(b))</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6M2UzZjRhZTMwMjg5NDU3OTk5ZWVhMjFhODBkZTg3NTAvdGFibGVyYW5nZTozZTNmNGFlMzAyODk0NTc5OTllZWEyMWE4MGRlODc1MF82LTAtMS0xLTA_2ebc35f2-9b07-4653-bd37-1f3da8fb5aef">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<br/>(17 CFR 240.13e-4c))</span></td></tr></table></div><div style="margin-bottom:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:40.517%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.047%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.666%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Securities registered pursuant to Section 12(b) of the Act:</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Trading Symbol</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i2e988420f7e44fb8b56f68b0f03a0254_D20210625-20210625" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MzM4YjNjZmQxNGI4NGFhNWIwNDliMDU0ODE3ODU4NmUvdGFibGVyYW5nZTozMzhiM2NmZDE0Yjg0YWE1YjA0OWIwNTQ4MTc4NTg2ZV8yLTAtMS0xLTA_d5102f42-137f-456a-a1c1-b293bb0e2b7a">Common stock, par value $0.01 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i2e988420f7e44fb8b56f68b0f03a0254_D20210625-20210625" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MzM4YjNjZmQxNGI4NGFhNWIwNDliMDU0ODE3ODU4NmUvdGFibGVyYW5nZTozMzhiM2NmZDE0Yjg0YWE1YjA0OWIwNTQ4MTc4NTg2ZV8yLTItMS0xLTA_c58b9345-bff4-44ae-abf2-1f920befa0ad">AMBC</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i2e988420f7e44fb8b56f68b0f03a0254_D20210625-20210625" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MzM4YjNjZmQxNGI4NGFhNWIwNDliMDU0ODE3ODU4NmUvdGFibGVyYW5nZTozMzhiM2NmZDE0Yjg0YWE1YjA0OWIwNTQ4MTc4NTg2ZV8yLTQtMS0xLTA_74d267e6-b8dd-4aa1-af0e-81580def1354">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i790b1f263d67450398afbc13d860872a_D20210625-20210625" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MzM4YjNjZmQxNGI4NGFhNWIwNDliMDU0ODE3ODU4NmUvdGFibGVyYW5nZTozMzhiM2NmZDE0Yjg0YWE1YjA0OWIwNTQ4MTc4NTg2ZV8zLTAtMS0xLTA_8d1e22d5-e50d-4d18-a696-391f2ea54a48">Warrants</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i790b1f263d67450398afbc13d860872a_D20210625-20210625" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MzM4YjNjZmQxNGI4NGFhNWIwNDliMDU0ODE3ODU4NmUvdGFibGVyYW5nZTozMzhiM2NmZDE0Yjg0YWE1YjA0OWIwNTQ4MTc4NTg2ZV8zLTItMS0xLTA_160208e6-6ae2-423f-995c-2065439ce30b">AMBC WS</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i790b1f263d67450398afbc13d860872a_D20210625-20210625" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MzM4YjNjZmQxNGI4NGFhNWIwNDliMDU0ODE3ODU4NmUvdGFibGVyYW5nZTozMzhiM2NmZDE0Yjg0YWE1YjA0OWIwNTQ4MTc4NTg2ZV8zLTQtMS0xLTA_8e3321d6-9c65-4d05-b678-f9d2e5ee8b2d">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 under the Securities Act (17 CFR 230.405) or Rule&#160;12b-2 under the Exchange Act (17 CFR 240.12b-2). </span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:33.333%"><tr><td style="width:1.0%"></td><td style="width:84.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.936%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Emerging growth company</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xL2ZyYWc6YzEzYmNhYTlhZWZjNDA2YWFlMzM5ZWU4ODNhYTAwMWYvdGFibGU6MWM1NTg3MGM1NGE4NDcxYzgxNzQ4MmVlYjQ4ZDAwOWUvdGFibGVyYW5nZToxYzU1ODcwYzU0YTg0NzFjODE3NDgyZWViNDhkMDA5ZV8wLTEtMS0xLTA_37be87b9-c438-4258-a342-f9f409d38147">&#9744;</ix:nonNumeric></span></div></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.747%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:59.866%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided  pursuant to</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Section 13(a) of the Exchange Act.</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#9744;</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i40f1b199f4664aeb9b606668006b6bd3_10"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item 8.01. Other Events.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">On <ix:nonNumeric contextRef="i5322c1d399f042c996a591610318f8ae_D20210625-20210625" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjQwZjFiMTk5ZjQ2NjRhZWI5YjYwNjY2ODAwNmI2YmQzL3NlYzo0MGYxYjE5OWY0NjY0YWViOWI2MDY2NjgwMDZiNmJkM18xMC9mcmFnOmQ5ZDljYWQxNDI1MzQzZTY4OWEyODkzOWNjNGQzMWFmL3RleHRyZWdpb246ZDlkOWNhZDE0MjUzNDNlNjg5YTI4OTM5Y2M0ZDMxYWZfMTY0OTI2NzQ3MDgzNQ_633e86b6-2023-4e98-a181-cdbc3e5978f7">June&#160;25, 2021</ix:nonNumeric>, Sitka Holdings, LLC, a wholly-owned subsidiary of Ambac Financial Group, Inc. (the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) priced its offerin</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">g of $1,175 million aggregate principal amount of its LIBOR plus 4.5% Floating Rate Senior Secured Notes due 2026 (the &#8220;</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Senior Se</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">cured Notes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;). The Senior Secured Notes will be issued at a price equal to 99% of their face value.  The Senior Secured Notes pay interest quarterly and mature on July 6, 2026. The offering is expected to close on July 6, 2021, subject to market and other customary conditions.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This report does not constitute an offer to sell or a solicitation of an offer to buy the Senior Secured Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Senior Secured Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.</span></div><div id="i40f1b199f4664aeb9b606668006b6bd3_13"></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Forward-Looking Statements</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In this report, statements that may constitute &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;planned,&#8221; &#8220;potential&#8221; and similar expressions, or future or conditional verbs such as &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; and &#8220;may,&#8221; or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under &#8220;Risk Factors&#8221;  in our most recent SEC filed quarterly or annual report.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Any or all of management&#8217;s forward-looking statements here or in other publications may turn out to be incorrect and are based on management&#8217;s current belief or opinions. AFG&#8217;s and its subsidiaries&#8217; (&#8220;Ambac&#8221;) actual results may vary materially, and there are no guarantees about the performance of Ambac&#8217;s securities.  Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the highly speculative nature of AFG&#8217;s common stock and volatility in the price of AFG&#8217;s common stock; (2) Ambac's inability to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements which would have a materially adverse effect on AAC&#8217;s financial condition and may lead to regulatory intervention; (3) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (4) increases to loss and loss expense reserves; (5) inadequacy of reserves established for losses and loss expenses and possibility that changes in loss reserves may result in further volatility of earnings or financial results; (6) uncertainty concerning the Company&#8217;s ability to achieve value for holders of its securities, whether from AAC and its subsidiaries or from transactions or opportunities apart from AAC and its subsidiaries, including new business initiatives relating to the specialty property and casualty program insurance business, the managing general agency/underwriting business, or related businesses; (7) potential of rehabilitation proceedings against AAC;  (8) increased fiscal stress experienced by issuers of public finance obligations or an increased incidence of Chapter 9 filings or other restructuring proceedings by public finance issuers, including an increased risk of loss on revenue bonds of distressed public finance </span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">issuers due to judicial decisions adverse to revenue bond holders; (9) our inability to mitigate or remediate losses, commute or reduce insured exposures or achieve recoveries or investment objectives, or the failure of any transaction intended to accomplish one or more of these objectives to deliver anticipated results; (10) insufficiency or unavailability of collateral to pay secured obligations; (11) credit risk throughout Ambac&#8217;s business, including but not limited to credit risk related to residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations and exposures to reinsurers; (12) the impact of catastrophic environmental or natural events, including catastrophic public health events like the COVID-19 pandemic, on significant portions of our insured and investment portfolios; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) the risk that Ambac&#8217;s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (15) risks associated with adverse selection as Ambac&#8217;s insured portfolio runs off; (16) Ambac&#8217;s substantial indebtedness could adversely affect its financial condition and operating flexibility; (17) Ambac may not be able to obtain financing or raise capital on acceptable terms or at all due to its substantial indebtedness and financial condition; (18) Ambac may not be able to generate the significant amount of cash needed to service its debt and financial obligations, and may not be able to refinance its indebtedness; (19) restrictive covenants in agreements and instruments may impair Ambac&#8217;s ability to pursue or achieve its business strategies; (20) adverse effects on operating results or the Company&#8217;s financial position resulting from measures taken to reduce risks in its insured portfolio; (21) disagreements or disputes with Ambac's insurance regulators; (22) default by one or more of Ambac's portfolio investments, insured issuers or counterparties; (23) loss of control rights in transactions for which we provide insurance due to a finding that Ambac has defaulted; (24) adverse tax consequences or other costs resulting from the characterization of the AAC&#8217;s surplus notes or other obligations as equity; (25) risks attendant to the change in composition of securities in the Ambac&#8217;s investment portfolio; (26) adverse impacts from changes in prevailing interest rates; (27) our results of operation may be adversely affected by events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac&#8217;s acquisition of 80% of the membership interests of Xchange; (28) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (29) factors that may negatively influence the amount of installment premiums paid to the Ambac; (30) market risks impacting assets in the Ambac&#8217;s investment portfolio or the value of our assets posted as collateral in respect of interest rate swap transactions; (31) risks relating to determinations of amounts of impairments taken on investments; (32) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith, which could have a material adverse effect on Ambac&#8217;s business, operations, financial position, profitability or cash flows; (33) actions of stakeholders whose interests are not aligned with broader interests of the Ambac's stockholders; (34) system security risks, data protection breaches and cyber attacks; (35) changes in accounting principles or practices that may impact Ambac&#8217;s reported financial results; (36) regulatory oversight of Ambac Assurance UK Limited (&#8220;Ambac UK&#8221;) and applicable regulatory restrictions may adversely affect our ability to realize value from Ambac UK or the amount of value we ultimately realize; (37) operational risks, including with respect to internal processes, risk and investment models, systems and employees, and failures in services or products provided by third parties; (38) Ambac&#8217;s financial position that may prompt departures of key employees and may impact the its ability to attract qualified executives and employees; (39) fluctuations in foreign currency exchange rates could adversely impact the insured portfolio in the event of loss reserves or claim payments denominated in a currency other than US dollars and the value of non-US dollar denominated securities in our investment portfolio; (40) disintermediation within the insurance industry that negatively impacts our managing general agency/underwriting business; (41) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general underwriter; and (42) other risks and uncertainties that have not been identified at this time.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.8pt;font-weight:400;line-height:120%">  </span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3</span></div></div></div><div id="i40f1b199f4664aeb9b606668006b6bd3_16"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;margin-bottom:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">EXHIBIT INDEX</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:9.341%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.724%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Exhibit</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Number</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Exhibit Description</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.INS</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.SCH</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Schema Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.CAL</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Calculation Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.LAB</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Label Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.PRE</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Presentation Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.DEF</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Definition Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags or embedded within the Inline XBRL document</span></div></td></tr></table></div><div id="i40f1b199f4664aeb9b606668006b6bd3_19"></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SIGNATURES </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </span></div><div style="margin-bottom:9pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.614%"><tr><td style="width:1.0%"></td><td style="width:8.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.208%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.792%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.756%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Ambac Financial Group, Inc.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">(Registrant)</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Dated:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 25, 2021</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">By:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">/s/ William J. White</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">William J. White</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">First Vice President, Secretary and Assistant General Counsel</span></div></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4</span></div></div></div></body></html>
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ambc-20210625
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
June 25, 2021
Ambac Financial Group, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
1-10777
13-3621676
(State of incorporation)
(Commission
file number)
(I.R.S. employer
identification no.)
One World Trade Center
New York
NY
10007
(Address of principal executive offices)
(212)
658-7470
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.01 per share
AMBC
New York Stock Exchange
Warrants
AMBC WS
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided  pursuant to
Section 13(a) of the Exchange Act.
☐
Item 8.01. Other Events.
On
June 25, 2021
, Sitka Holdings, LLC, a wholly-owned subsidiary of Ambac Financial Group, Inc. (the "
Company
") priced its offerin
g of $1,175 million aggregate principal amount of its LIBOR plus 4.5% Floating Rate Senior Secured Notes due 2026 (the "
Senior Se
cured Notes
"). The Senior Secured Notes will be issued at a price equal to 99% of their face value.  The Senior Secured Notes pay interest quarterly and mature on July 6, 2026. The offering is expected to close on July 6, 2021, subject to market and other customary conditions.
This report does not constitute an offer to sell or a solicitation of an offer to buy the Senior Secured Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Senior Secured Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Forward-Looking Statements
In this report, statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "estimate," "project," "plan," "believe," "anticipate," "intend," "planned," "potential" and similar expressions, or future or conditional verbs such as "will," "should," "would," "could," and "may," or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under "Risk Factors"  in our most recent SEC filed quarterly or annual report.
Any or all of management's forward-looking statements here or in other publications may turn out to be incorrect and are based on management's current belief or opinions. AFG's and its subsidiaries' ("Ambac") actual results may vary materially, and there are no guarantees about the performance of Ambac's securities.  Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the highly speculative nature of AFG's common stock and volatility in the price of AFG's common stock; (2) Ambac's inability to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements which would have a materially adverse effect on AAC's financial condition and may lead to regulatory intervention; (3) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (4) increases to loss and loss expense reserves; (5) inadequacy of reserves established for losses and loss expenses and possibility that changes in loss reserves may result in further volatility of earnings or financial results; (6) uncertainty concerning the Company's ability to achieve value for holders of its securities, whether from AAC and its subsidiaries or from transactions or opportunities apart from AAC and its subsidiaries, including new business initiatives relating to the specialty property and casualty program insurance business, the managing general agency/underwriting business, or related businesses; (7) potential of rehabilitation proceedings against AAC;  (8) increased fiscal stress experienced by issuers of public finance obligations or an increased incidence of Chapter 9 filings or other restructuring proceedings by public finance issuers, including an increased risk of loss on revenue bonds of distressed public finance
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issuers due to judicial decisions adverse to revenue bond holders; (9) our inability to mitigate or remediate losses, commute or reduce insured exposures or achieve recoveries or investment objectives, or the failure of any transaction intended to accomplish one or more of these objectives to deliver anticipated results; (10) insufficiency or unavailability of collateral to pay secured obligations; (11) credit risk throughout Ambac's business, including but not limited to credit risk related to residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations and exposures to reinsurers; (12) the impact of catastrophic environmental or natural events, including catastrophic public health events like the COVID-19 pandemic, on significant portions of our insured and investment portfolios; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) the risk that Ambac's risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (15) risks associated with adverse selection as Ambac's insured portfolio runs off; (16) Ambac's substantial indebtedness could adversely affect its financial condition and operating flexibility; (17) Ambac may not be able to obtain financing or raise capital on acceptable terms or at all due to its substantial indebtedness and financial condition; (18) Ambac may not be able to generate the significant amount of cash needed to service its debt and financial obligations, and may not be able to refinance its indebtedness; (19) restrictive covenants in agreements and instruments may impair Ambac's ability to pursue or achieve its business strategies; (20) adverse effects on operating results or the Company's financial position resulting from measures taken to reduce risks in its insured portfolio; (21) disagreements or disputes with Ambac's insurance regulators; (22) default by one or more of Ambac's portfolio investments, insured issuers or counterparties; (23) loss of control rights in transactions for which we provide insurance due to a finding that Ambac has defaulted; (24) adverse tax consequences or other costs resulting from the characterization of the AAC's surplus notes or other obligations as equity; (25) risks attendant to the change in composition of securities in the Ambac's investment portfolio; (26) adverse impacts from changes in prevailing interest rates; (27) our results of operation may be adversely affected by events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac's acquisition of 80% of the membership interests of Xchange; (28) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (29) factors that may negatively influence the amount of installment premiums paid to the Ambac; (30) market risks impacting assets in the Ambac's investment portfolio or the value of our assets posted as collateral in respect of interest rate swap transactions; (31) risks relating to determinations of amounts of impairments taken on investments; (32) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith, which could have a material adverse effect on Ambac's business, operations, financial position, profitability or cash flows; (33) actions of stakeholders whose interests are not aligned with broader interests of the Ambac's stockholders; (34) system security risks, data protection breaches and cyber attacks; (35) changes in accounting principles or practices that may impact Ambac's reported financial results; (36) regulatory oversight of Ambac Assurance UK Limited ("Ambac UK") and applicable regulatory restrictions may adversely affect our ability to realize value from Ambac UK or the amount of value we ultimately realize; (37) operational risks, including with respect to internal processes, risk and investment models, systems and employees, and failures in services or products provided by third parties; (38) Ambac's financial position that may prompt departures of key employees and may impact the its ability to attract qualified executives and employees; (39) fluctuations in foreign currency exchange rates could adversely impact the insured portfolio in the event of loss reserves or claim payments denominated in a currency other than US dollars and the value of non-US dollar denominated securities in our investment portfolio; (40) disintermediation within the insurance industry that negatively impacts our managing general agency/underwriting business; (41) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general underwriter; and (42) other risks and uncertainties that have not been identified at this time.
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EXHIBIT INDEX
Exhibit
Number
Exhibit Description
101.INS
XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document.
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.
104
Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags or embedded within the Inline XBRL document
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Ambac Financial Group, Inc.
(Registrant)
Dated:
June 25, 2021
By:
/s/ William J. White
William J. White
First Vice President, Secretary and Assistant General Counsel
4