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): December 10, 2009 (December 8, 2009)
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 State Street Plaza, New York, New York 10004
(Address of principal executive offices) (Zip Code)
(212) 668-0340
(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)) |
| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing |
| | (a) | On December 8, 2009, Ambac Financial Group, Inc. (“Ambac”) received a notice from the New York Stock Exchange (the “NYSE”) that Ambac has fallen below the NYSE’s continued listing standard relating to the price of its common stock. The NYSE requires that the average closing price of a listed company’s common stock be above $1.00 per share over a consecutive 30 trading day period. As of December 8, 2009, the date of the NYSE notice, the 30 trading-day average closing price of Ambac’s common stock was $0.94 per share. |
On December 10, 2009, Ambac informed the NYSE that it intends to cure the deficiency and bring Ambac’s share price and average share price back to a level that exceeds $1.00 per share within six months of receipt of its letter. Ambac is currently in the process of evaluating the potential options available to it for curing this deficiency.
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 thereunto duly authorized.
| | | | |
| | Ambac Financial Group, Inc. |
| | (Registrant) |
| | |
| Dated: December 10, 2009 | | | | |
| | |
| | By: | | /S/ ANNE GILL KELLY |
| | | | Anne Gill Kelly |
| | | | Managing Director, Corporate Secretary and Assistant General Counsel |
