<SEC-DOCUMENT>0001193125-20-271281.txt : 20201125
<SEC-HEADER>0001193125-20-271281.hdr.sgml : 20201125
<ACCEPTANCE-DATETIME>20201016184658
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-271281
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20201016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fortress Value Acquisition Corp.
		CENTRAL INDEX KEY:			0001801368
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6720 VIA AUSTI PARKWAY
		STREET 2:		SUITE 450
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119
		BUSINESS PHONE:		(702) 844-6111

	MAIL ADDRESS:	
		STREET 1:		6720 VIA AUSTI PARKWAY
		STREET 2:		SUITE 450
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fortress Value Acquisition Corp.
		DATE OF NAME CHANGE:	20200128
</SEC-HEADER>
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<TYPE>CORRESP
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</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">767 Fifth Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">New York, NY 10153-0119</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">+1 212 310 8000
tel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">+1 212 310 8007 fax</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">October&nbsp;16, 2020</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>VIA EDGAR </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kevin
Dougherty </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp; Transportation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fortress Value Acquisition Corp. </B></P></TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT>
</B></P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed October&nbsp;1, 2020 </B></P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-248433</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Dougherty: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Fortress
Value Acquisition Corp. (the &#147;<U>Company</U>&#148;), please find a response to the comments of the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) contained in the Staff&#146;s
letter dated October&nbsp;14, 2020 (&#147;<U>Comment Letter&nbsp;2</U>&#148;) with regard to Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-248433)</FONT> filed by the Company on October&nbsp;1, 2020 (&#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;). The responses are based on information provided to us by the Company. Capitalized
terms used but not defined herein have the respective meanings ascribed to them in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below in bold are the
comments contained in the Staff&#146;s Comment Letter 2 pertaining to Amendment No.&nbsp;1. Immediately below each of the Staff&#146;s comments is the Company&#146;s response to that comment. For the convenience of the Staff&#146;s review, each of
the numbered paragraphs below corresponds to the numbered comment in the Staff&#146;s Comment Letter&nbsp;2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is concurrently
providing to the Commission Amendment No.&nbsp;2 to the Registration Statement, as filed on EDGAR on the date hereof (&#147;<U>Amendment No.</U><U></U><U>&nbsp;2</U>&#148;). We have enclosed with the copy of this letter that is being transmitted via
overnight courier two copies of Amendment No.&nbsp;2 in paper format, marked to show changes from Amendment No.&nbsp;1. </P>
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Certain Projected Financial Information, page 87 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to comment 4. However, we note disclosure on page 109 that &#147;based on a
three-stage Projection prepared by SNR and MPMO&#148; Murray Devine performed the Enterprise Value&#151;Comparable Public Companies analysis, and on page 110 that based on &#147;the projections,&#148; Murray Devine performed a discounted cash flow
valuation of MP Materials. Please revise to disclose the projections that provided Murray Devine with its basis for its analyses performed in making its recommendation, including the financial forecast beyond 2023, or revise to clarify how the
information &#147;would not be material or meaningful to investors.&#148;</B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has
revised the disclosure on pages 109 and 110 to correct a mischaracterization of what was provided to Murray, Devine&nbsp;&amp; Co., Inc., a financial advisory firm (&#147;<U>Murray Devine</U>&#148;). Murray Devine was not provided with any
&#147;Stage III&#148; financial projections and Murray Devine&#146;s own fairness opinion itself properly defines the &#147;Projections&#148; as being MPMO&#146;s main financial model which does not include any Stage III projections. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted in the Company&#146;s response to Comment 4 in the response letter dated September&nbsp;30, 2020, MPMO provided Murray Devine, with certain financial
inputs for periods beyond 2023 and Murray Devine was advised that the inputs were not financial projections for MPMO. Murray Devine has confirmed that it used such information to create its own financial model in connection with rendering its
fairness opinion and performing its own related financial analysis. We respectfully acknowledge the Staff&#146;s comment and advise the Staff that the financial inputs beyond 2023 that were provided to Murray Devine were not financial projections
for MPMO and would not be material or meaningful to investors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Material U.S. Federal Income Tax Consequences, page 115 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your reply to comment 7. In this section, you state in part that &#147;the following discussion
assumes that the transactions will&#148; qualify as a &#147;reorganization&#148; for U.S. federal income tax purposes within the meaning of Section</B><B></B><B>&nbsp;368(a). Insofar as the 368(a) determination appears to be a legal conclusion which
underlies the opinion that holders will not recognize gain or loss upon the exchange of stock, please obtain a revised opinion which provides counsel&#146;s opinion regarding applicable Section</B><B></B><B>&nbsp;368(a) treatment. For reference,
please refer to Section III.C.3 of Staff Legal Bulletin No.</B><B></B><B>&nbsp;19 (Corp. Fin., October</B><B></B><B>&nbsp;14, 2011), which is available at https://www.sec.gov/interps/legal/cfslb19.htm.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has revised the disclosure on page 116 of Amendment No.&nbsp;2 and has refiled the revised tax opinion of
Sidley Austin LLP as Exhibit 8.1 in response to the Staff&#146;s comment. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P>
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet, page 161 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note from your disclosure Note(Q) on page 163 that the deferred tax liabilities amount of $101,671
reflects an increase in deferred tax liabilities due to initial temporary differences as a result of the SNR Mineral Rights Acquisition. Please revise Note (Q)</B><B></B><B>&nbsp;to describe and show how the amounts of temporary differences and
deferred tax liabilities were calculated. Refer to Rule <FONT STYLE="white-space:nowrap">11-02(b)(6)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has revised Note (Q)&nbsp;on page 164 of Amendment No.&nbsp;2 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our Resource, page 190 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We received your Mountain Pass technical report prepared by SRK Consulting. However, we note that the
economic model prepared for the reserves was not included. Please provide supplementally the economic model or cash flow analysis for your Mountain Pass property.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has contacted Mr.&nbsp;Schuler to arrange for the submission of the requested information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>MPMO&#146;s Management&#146;s Discussion and Analysis of Financial Condition and Results of </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Operations </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Our Relationship with Shenghe,
page 217 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 21. Please revise to disclose the remaining balance of adjusted
offtake product delivery amounts outstanding as of June</B><B></B><B>&nbsp;30, 2020 and disclose how they will be satisfied as a result of June 2020 A&amp;R offtake agreement</B>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the concept of adjusted offtake product delivery amounts, as defined on page 219 of Amendment No.&nbsp;2, is
no longer relevant following MPMO&#146;s modification of the Original Offtake Agreement. The A&amp;R Offtake Agreement, which came into effect on June&nbsp;5, 2020, effectively resulted in the reclassification of both the deferred revenue
attributable to Shenghe Resources (Singapore)&#146;s prepayments and the additional adjusted offtake product delivery amounts into debt. As of June&nbsp;30, 2020, MPMO had $93.3&nbsp;million in deemed debt, including debt with a carrying value of
$84.7&nbsp;million and an imputed debt issuance discount of $8.6&nbsp;million. </P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kevin Dougherty</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P>
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the same date, the amount of offtake product to which Shenghe Resources (Singapore)&#146;s gross profit retention right
applied amounted to $93.3&nbsp;million. The Company respectfully advises the Staff that it has revised the disclosure on page 219 of Amendment No.&nbsp;2 in response to the Staff&#146;s comment to indicate more clearly that the gross debt amount
initially recorded reflects the amount of product subject to Shenghe Resources (Singapore)&#146;s gross profit retention right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should
any questions arise in connection with the filing or this response letter, please contact the undersigned at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-310-8891.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>/s/ Jaclyn L. Cohen
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Jaclyn L. Cohen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Weil, Gotshal&nbsp;&amp; Manges LLP </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Andrew A. McKnight </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Chief Executive Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fortress
Value Acquisition Corp. </P>
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begin 644 g920830g1015203334409.jpg
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