Summary of ACA CAPITAL HOLDINGS INC

Item 3.01. Notice of Delisting or Failure to Satisfy a
Continued Listing Rule or Standard; Transfer of Listing.

On December 13, 2007, ACA Capital Holdings, Inc. ("ACA Capital") announced that on December 7, 2007 it was notified by the New York Stock Exchange ("NYSE") of its non-compliance with the NYSE's continued listing standards. ACA Capital is considered "below criteria" due to the fact that its total market capitalization is less than $75 million over a consecutive 30 trading-day period and its stockholders' equity is less than $75 million. The NYSE will make available on its consolidated tape beginning on December 14, 2007, an indicator, ".BC," indicating that ACA Capital is below the NYSE's quantitative continued listing standards.

Under applicable rules and regulations of the NYSE, ACA Capital must respond to the NYSE within 45 days from receipt of the notice with a business plan that demonstrates its ability to achieve compliance with the continued listing standards. ACA Capital does not believe that it can take steps which will permit it to satisfy the financial continued listing criteria of the NYSE within the 18 month cure period provided for under the NYSE rules and regulations. Therefore, ACA Capital does not intend to submit a plan to the NYSE. ACA Capital has been informed by the NYSE that it will commence suspension and delisting procedures as a result of the failure to submit a plan.

On December 13, 2007, ACA Capital issued a press release reporting that it has received the notification from the NYSE. The full text of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.