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<title>ambc-20221006</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl83L2ZyYWc6NDY4ZjJkMDNhZjAwNDM4NGJkZmEyYTkzZTZmY2VkYTgvdGFibGU6NzE3OTEyYmYxNGI4NDMxZGE5MjZkYzM3MTIwNDIxYzYvdGFibGVyYW5nZTo3MTc5MTJiZjE0Yjg0MzFkYTkyNmRjMzcxMjA0MjFjNl8yLTEtMS0xLTUwMTMxMQ_6d0cf50e-d4ce-4af8-9934-6b148fab685a">0000874501</ix:nonNumeric><ix:nonNumeric contextRef="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:AmendmentFlag" format="ixt:fixed-false" 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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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6OTFlOWExMDhkNGE3NGU2N2I4MDdmOTVjOTdkZjEzZGMvdGFibGVyYW5nZTo5MWU5YTEwOGQ0YTc0ZTY3YjgwN2Y5NWM5N2RmMTNkY18wLTItMS0xLTUwMTMxMQ_6071be96-9b5d-477d-8851-30a011bbab66">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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" 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id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6OWY3Mzg3NmM1OGFhNDViZGExZTFmMTFjZjQ4OWUyZjgvdGFibGVyYW5nZTo5ZjczODc2YzU4YWE0NWJkYTFlMWYxMWNmNDg5ZTJmOF8wLTEtMS0xLTUwMTMxMQ_66b2aff1-c7d9-49b1-a8df-c1730f90c46a">(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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6OWY3Mzg3NmM1OGFhNDViZGExZTFmMTFjZjQ4OWUyZjgvdGFibGVyYW5nZTo5ZjczODc2YzU4YWE0NWJkYTFlMWYxMWNmNDg5ZTJmOF8wLTItMS0xLTUwMTMxMQ_585fffe3-1faa-4f16-b300-8c7f59f446ad">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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6MmFlOTE1NDJmYTJhNDdjMDhmNDI0NmU5MmMwMDE4NGUvdGFibGVyYW5nZToyYWU5MTU0MmZhMmE0N2MwOGY0MjQ2ZTkyYzAwMTg0ZV8wLTAtMS0xLTUwMTMxMQ_fa60956c-ecbf-4245-82d8-afe26c536a4b">&#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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6MmFlOTE1NDJmYTJhNDdjMDhmNDI0NmU5MmMwMDE4NGUvdGFibGVyYW5nZToyYWU5MTU0MmZhMmE0N2MwOGY0MjQ2ZTkyYzAwMTg0ZV8yLTAtMS0xLTUwMTMxMQ_8000b826-74c8-4541-a05e-947a1f8127a0">&#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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6MmFlOTE1NDJmYTJhNDdjMDhmNDI0NmU5MmMwMDE4NGUvdGFibGVyYW5nZToyYWU5MTU0MmZhMmE0N2MwOGY0MjQ2ZTkyYzAwMTg0ZV80LTAtMS0xLTUwMTMxMQ_df34943a-2f28-445f-8e01-9000f1157667">&#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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6MmFlOTE1NDJmYTJhNDdjMDhmNDI0NmU5MmMwMDE4NGUvdGFibGVyYW5nZToyYWU5MTU0MmZhMmE0N2MwOGY0MjQ2ZTkyYzAwMTg0ZV82LTAtMS0xLTUwMTMxMQ_47eefab8-ae6a-41c9-8ded-0ea4bd8dcca8">&#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="idf3296dae3bf4203bd55a6b5497c693f_D20221006-20221006" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6NGZhODQ4M2E3YzhmNGZmYjg0NDM1NDdmNGQxN2NjYzgvdGFibGVyYW5nZTo0ZmE4NDgzYTdjOGY0ZmZiODQ0MzU0N2Y0ZDE3Y2NjOF8yLTAtMS0xLTUwMTMxMQ_137fb21d-e0a1-4763-ac60-ae07b72ec715">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="idf3296dae3bf4203bd55a6b5497c693f_D20221006-20221006" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6NGZhODQ4M2E3YzhmNGZmYjg0NDM1NDdmNGQxN2NjYzgvdGFibGVyYW5nZTo0ZmE4NDgzYTdjOGY0ZmZiODQ0MzU0N2Y0ZDE3Y2NjOF8yLTItMS0xLTUwMTMxMQ_e0cc119b-d41b-4f1d-bf70-a96702ed371a">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="idf3296dae3bf4203bd55a6b5497c693f_D20221006-20221006" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6NGZhODQ4M2E3YzhmNGZmYjg0NDM1NDdmNGQxN2NjYzgvdGFibGVyYW5nZTo0ZmE4NDgzYTdjOGY0ZmZiODQ0MzU0N2Y0ZDE3Y2NjOF8yLTQtMS0xLTUwMTMxMQ_e2cc81e5-65b8-4113-824d-6504a5d6ded2">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="if09e5067bbbf4d14ae245336098a0522_D20221006-20221006" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6NGZhODQ4M2E3YzhmNGZmYjg0NDM1NDdmNGQxN2NjYzgvdGFibGVyYW5nZTo0ZmE4NDgzYTdjOGY0ZmZiODQ0MzU0N2Y0ZDE3Y2NjOF8zLTAtMS0xLTUwMTMxMQ_1ebcde65-2bce-47fb-bf7e-b09fbbbea080">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="if09e5067bbbf4d14ae245336098a0522_D20221006-20221006" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6NGZhODQ4M2E3YzhmNGZmYjg0NDM1NDdmNGQxN2NjYzgvdGFibGVyYW5nZTo0ZmE4NDgzYTdjOGY0ZmZiODQ0MzU0N2Y0ZDE3Y2NjOF8zLTItMS0xLTUwMTMxMQ_a6354397-eda9-4d58-a499-966efba4f59b">AMBCW</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="if09e5067bbbf4d14ae245336098a0522_D20221006-20221006" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6NGZhODQ4M2E3YzhmNGZmYjg0NDM1NDdmNGQxN2NjYzgvdGFibGVyYW5nZTo0ZmE4NDgzYTdjOGY0ZmZiODQ0MzU0N2Y0ZDE3Y2NjOF8zLTQtMS0xLTUwMTMxMQ_c18e1e1e-34f3-439e-bb67-bdac40c79c21">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="id896afab71ec4c3ea09ce25ea5e30577_D20221006-20221006" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjk0OTUwOWZkN2VlOTQ4ZjA5NjRmMDgzYmUwNjk3ZDc2L3NlYzo5NDk1MDlmZDdlZTk0OGYwOTY0ZjA4M2JlMDY5N2Q3Nl8xL2ZyYWc6YTMyZGViMjAwOWNmNDNjZThjN2IwNjFmY2QzZDgxYjQvdGFibGU6Y2FiMzcyMzIxMTFlNGRmNDg1YmZmMTUxM2FjNzlkMTUvdGFibGVyYW5nZTpjYWIzNzIzMjExMWU0ZGY0ODViZmYxNTEzYWM3OWQxNV8wLTEtMS0xLTUwMTMxMQ_f1c62e0a-ad5c-4d18-8fb6-d51710de518d">&#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="i949509fd7ee948f0964f083be0697d76_168"></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;padding-left:54pt;text-indent:-54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Item 1.01&#160;&#160;&#160;&#160;Entry into a Material Definitive Agreement</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On October 6, 2022, Ambac Assurance Corporation (&#8220;AAC&#8221;) entered into a Settlement Agreement and Release (the &#8220;Settlement Agreement&#8221;) with Bank of America Corporation and certain affiliates thereof (together, the &#8220;BOA Parties&#8221;) whereby the BOA Parties agreed to pay AAC the sum of $1,840,000,000 (one billion eight hundred forty million dollars) (the &#8220;Settlement Payment&#8221;) following the dismissal of AAC&#8217;s lawsuits against the BOA Parties,</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">[1]</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">and the withdrawal by AAC of its objections, including any pending appeals, concerning the settlements that are the subject of certain trust instructional proceedings.  In exchange for the Settlement Payment, AAC, on its own behalf and on behalf of its affiliates, has agreed to release the BOA Parties and related parties (the &#8220;Released Parties&#8221;) from claims asserted or which could have been asserted in AAC&#8217;s pending litigations against the BOA Parties as well as claims that AAC and its affiliates ever had, may currently have or may have in the future against the Released Parties, subject to certain limited exceptions.  The Settlement Agreement also requires AAC to dismiss other pending claims against the Released Parties, and to generally refrain from, and in certain situations hold the Released Parties harmless with respect to, certain actions taken by AAC with respect to residential mortgage-backed securities trusts created prior to the date of the Settlement Agreement involving the Released Parties.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">[1]</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> These lawsuits are captioned as follows: </span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., Countrywide Securities Corp., Countrywide Financial Corp., and Bank of America Corp.</span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Supreme Court of the State of New York, County of New York, Case No. 653979/2014, filed on December 30, 2014); </span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Securities Corp., Countrywide Financial Corp. (a.k.a. Bank of America Home Loans) and Bank of America Corp. </span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Supreme Court of the State of New York, County of New York, Case No. 651612/2010, filed on September 28, 2010); and </span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. First Franklin Financial Corporation, Bank of America, N.A., Merrill Lynch, Pierce, Fenner &amp; Smith Inc., Merrill Lynch Mortgage Lending, Inc., and Merrill Lynch Mortgage Investors, Inc. </span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Supreme Court of the State of New York, County of New York, Case No. 651217/2012, filed April 16, 2012).</span></div><div><span><br/></span></div><div><span><br/></span></div><div id="i949509fd7ee948f0964f083be0697d76_10"></div><div style="margin-bottom:9pt;padding-left:54pt;text-indent:-54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Item 2.04&#160;&#160;&#160;&#160;Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">July 6, 2021, a newly formed variable interest entity and wholly-owned subsidiary of Ambac Financial Group, Inc., Sitka Holdings, LLC (&#8220;Sitka&#8221;), issued $1.175 billion par amount of LIBOR plus 4.5% senior secured notes due 2026 (the &#8220;Sitka Senior Secured Notes&#8221;). In connection with the issuance and sale of the Sitka Senior Secured Notes, on July 6, 2021</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">AAC issued a </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">$1.175 billion </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">secured note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">due 2026 </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(the "Sitka AAC Note")</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">to Sitka</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Interest on the Sitka AAC Note is payable quarterly at an annual rate of  LIBOR plus </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4.5%. Upon receipt of the settlement proceeds pursuant to the Settlement Agreement, AAC is required to wholly redeem the Sitka AAC Note </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">at a price equal to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">103% of the principal amount plus accrued and unpaid interest, and correspondingly, Sitka is required to wholly redeem the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sitka Senior Secured Notes on the same terms. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">AAC plans to wholly redeem the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sitka AAC Note</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">at a redemption price of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">$1.2 billion with the proceeds from the settlement, and Sitka </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">plans to wholly redeem the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sitka Senior Secured Notes upon receipt of the funds from the repayment of the Sitka AAC Note.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On February 12, 2018, AAC issued $240 million aggregate principal amount of 8.5% Senior PIK Notes due 2055 (the &#8220;Tier 2 Notes&#8221;) under an Indenture, dated as of February 12, 2018, by and between AAC and The Bank of New York Mellon, as trustee and as note collateral agent.  </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Tier 2 Notes are secured by proceeds from RMBS litigations </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">net of reinsurance (&#8220;Net Proceeds&#8221;) </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">in excess of $1.6 billion </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">and are subject to mandatory redemption from Net Proceeds </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">in excess of $1.6 billion </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">within five business days after the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">receipt of such Net Proceeds. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> AAC plans to apply the Net Proceeds of approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">$213 million to redeem</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Tier 2 Notes plus accrued and unpaid interest as of the date of redemption.  </span><span style="color:#22272b;font-family:'Times New Roman',sans-serif;font-size:11pt;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%">2</span></div></div></div><div id="i949509fd7ee948f0964f083be0697d76_13"></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="i949509fd7ee948f0964f083be0697d76_16"></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%">October 13, 2022</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%">3</span></div></div></div></body></html>
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ambc-20221006
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):
October 6, 2022
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
AMBCW
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 1.01    Entry into a Material Definitive Agreement
On October 6, 2022, Ambac Assurance Corporation ("AAC") entered into a Settlement Agreement and Release (the "Settlement Agreement") with Bank of America Corporation and certain affiliates thereof (together, the "BOA Parties") whereby the BOA Parties agreed to pay AAC the sum of $1,840,000,000 (one billion eight hundred forty million dollars) (the "Settlement Payment") following the dismissal of AAC's lawsuits against the BOA Parties,
[1]
and the withdrawal by AAC of its objections, including any pending appeals, concerning the settlements that are the subject of certain trust instructional proceedings.  In exchange for the Settlement Payment, AAC, on its own behalf and on behalf of its affiliates, has agreed to release the BOA Parties and related parties (the "Released Parties") from claims asserted or which could have been asserted in AAC's pending litigations against the BOA Parties as well as claims that AAC and its affiliates ever had, may currently have or may have in the future against the Released Parties, subject to certain limited exceptions.  The Settlement Agreement also requires AAC to dismiss other pending claims against the Released Parties, and to generally refrain from, and in certain situations hold the Released Parties harmless with respect to, certain actions taken by AAC with respect to residential mortgage-backed securities trusts created prior to the date of the Settlement Agreement involving the Released Parties.
[1]
These lawsuits are captioned as follows:
Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., Countrywide Securities Corp., Countrywide Financial Corp., and Bank of America Corp.
(Supreme Court of the State of New York, County of New York, Case No. 653979/2014, filed on December 30, 2014);
Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Securities Corp., Countrywide Financial Corp. (a.k.a. Bank of America Home Loans) and Bank of America Corp.
(Supreme Court of the State of New York, County of New York, Case No. 651612/2010, filed on September 28, 2010); and
Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. First Franklin Financial Corporation, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch Mortgage Lending, Inc., and Merrill Lynch Mortgage Investors, Inc.
(Supreme Court of the State of New York, County of New York, Case No. 651217/2012, filed April 16, 2012).
Item 2.04    Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On
July 6, 2021, a newly formed variable interest entity and wholly-owned subsidiary of Ambac Financial Group, Inc., Sitka Holdings, LLC ("Sitka"), issued $1.175 billion par amount of LIBOR plus 4.5% senior secured notes due 2026 (the "Sitka Senior Secured Notes"). In connection with the issuance and sale of the Sitka Senior Secured Notes, on July 6, 2021
,
AAC issued a
$1.175 billion
secured note
due 2026
(the "Sitka AAC Note")
to Sitka
.
Interest on the Sitka AAC Note is payable quarterly at an annual rate of  LIBOR plus
4.5%. Upon receipt of the settlement proceeds pursuant to the Settlement Agreement, AAC is required to wholly redeem the Sitka AAC Note
at a price equal to
103% of the principal amount plus accrued and unpaid interest, and correspondingly, Sitka is required to wholly redeem the
Sitka Senior Secured Notes on the same terms.
AAC plans to wholly redeem the
Sitka AAC Note
,
at a redemption price of
approximately
$1.2 billion with the proceeds from the settlement, and Sitka
plans to wholly redeem the
Sitka Senior Secured Notes upon receipt of the funds from the repayment of the Sitka AAC Note.
On February 12, 2018, AAC issued $240 million aggregate principal amount of 8.5% Senior PIK Notes due 2055 (the "Tier 2 Notes") under an Indenture, dated as of February 12, 2018, by and between AAC and The Bank of New York Mellon, as trustee and as note collateral agent.
The Tier 2 Notes are secured by proceeds from RMBS litigations
net of reinsurance ("Net Proceeds")
in excess of $1.6 billion
and are subject to mandatory redemption from Net Proceeds
in excess of $1.6 billion
within five business days after the
receipt of such Net Proceeds.
AAC plans to apply the Net Proceeds of approximately
$213 million to redeem
Tier 2 Notes plus accrued and unpaid interest as of the date of redemption.
2
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:
October 13, 2022
By:
/s/ William J. White
William J. White
First Vice President, Secretary and Assistant General Counsel
3