FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response...
0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * GABELLI MARIO J 2. Issuer Name and Ticker or Trading Symbol Associated Capital Group, Inc. [ AC ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    __X__ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Executive Chairman
(Last)         (First)         (Middle)
C/O GAMCO INVESTORS, INC, ONE CORPORATE CENTER
3. Date of Earliest Transaction (MM/DD/YYYY)
4/21/2020
(Street)
RYE, NY 10580
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock  4/21/2020    G    10000  D $0  10000  D   
Class A Common Stock  4/29/2020    G    10000  D $0  0  D   
Class A Common Stock  5/28/2020    A(1)    20000  A $0  20000  D   
Class A Common Stock                 77165  I  By: GGCP, Inc. 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock   (2) 5/28/2020    D (1)       20000    (2)  (2) Class A Common Stock   (2)  (2) 18705673  I  See Footnote (3)

Explanation of Responses:
(1)  Mr. Gabelli exchanged with the Issuer shares of Class B Common Stock for an equal number of shares of Class A Common Stock. These transactions were effected pursuant to Rule 16b-3 under the Securities Act of 1934 for the purpose of exempting such acquisition and disposition.
(2)  The Class B Common Stock of the Issuer is convertible at the option of the holder on a one-for-one basis into Class A Common Stock of the Issuer and has no expiration date.
(3)  Mario J. Gabelli is the Chairman and CEO of GAMCO and controls a majority of GAMCO's voting power through his direct ownership of GAMCO common stock and his position as CEO, a Director and the controlling shareholder GGCP, Inc., which, through its intermediate subsidiary GGCP Holdings, LLC, controls a majority of the GAMCO's voting power. Mario J. Gabelli beneficially owns 18,423,741 shares of the Issuer's Class B Common Stock through GGCP Holdings LLC and 281,932 shares of the Issuer's Class B Common Stock directly.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GABELLI MARIO J
C/O GAMCO INVESTORS, INC
ONE CORPORATE CENTER
RYE, NY 10580
X X Executive Chairman
GGCP, INC.
191 MASON STREET
GREENWICH, CT 06830

X

GGCP Holdings LLC
191 MASON STREET
GREENWICH, CT 06830

X


Signatures
/s/ Douglas R. Jamieson, Attorney-In-Fact for MARIO J. GABELLI, GGCP, INC., and GGCP HOLIDNGS, LLC 5/29/2020
**Signature of Reporting Person Date
Associated Capital (NYSE:AC)
Historical Stock Chart
From Sep 2020 to Oct 2020 Click Here for more Associated Capital Charts.
Associated Capital (NYSE:AC)
Historical Stock Chart
From Oct 2019 to Oct 2020 Click Here for more Associated Capital Charts.