<SEC-DOCUMENT>0001193125-22-162464.txt : 20220705
<SEC-HEADER>0001193125-22-162464.hdr.sgml : 20220705
<ACCEPTANCE-DATETIME>20220527170531
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-162464
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAMBUS INC
		CENTRAL INDEX KEY:			0000917273
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				943112828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4453 NORTH FIRST STREET, SUITE 100
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
		BUSINESS PHONE:		408-462-8000

	MAIL ADDRESS:	
		STREET 1:		4453 NORTH FIRST STREET, SUITE 100
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;27, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Heather
Clark and Claire Erlanger </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">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </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>Rambus Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> for the Year Ended December&nbsp;31, 2021</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> for the Quarter Ended March&nbsp;31, 2022</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;000-22339</FONT></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter is submitted in response to
the comments of the Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the &#147;Commission&#148;) to the documents referenced above, as set forth in your letter dated May&nbsp;17, 2022 to Rambus Inc. (the
&#147;Company&#148;, &#147;Rambus&#148;, &#147;our&#148; or &#147;we&#148;). For ease of reference, the text of the Staff&#146;s comment has been provided herein in italics and the Company&#146;s response follows. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended March&nbsp;31, 2022 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Consolidated Financial
Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>10. Convertible Notes, page 18 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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"><I>We note your disclosure that the 2023 partial repurchase of notes resulted in the</I><I> </I><I>conversion
feature and warrants being subject to derivative accounting. Please tell us the</I><I> </I><I>features of the repurchase that</I><I> </I><I>necessitated derivative accounting and explain to us how</I><I> </I><I>this loss on the fair value adjustment
of derivatives was determined or calculated. In this</I><I> </I><I>regard, we note no disclosures regarding fair value measurements of derivatives.</I> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We respectfully advise the Staff that the features that necessitated derivative accounting were specifically related to (1)&nbsp;the underlying conversion
feature embedded in the 2023 convertible notes that were repurchased (or &#147;conversion feature&#148;), (2) the settlement provision of the warrants that were retired and (3)&nbsp;the settlement provision of bond hedge call options that were
retired. These transactions are collectively referred to as &#147;2023 notes partial repurchase&#148;. Please see below for further background and description of these features and the relevant accounting guidance that was applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The corresponding loss on changes in fair value of derivatives was based on the changes in fair value of the bifurcated conversion feature and the warrants,
offset by the bond hedge call options, from the date that the 2023 notes partial repurchase agreement was entered into through the date of settlement. Please see below for further discussion on relevant accounting guidance that was applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have disclosed the face value, carrying value and the fair value of the convertible notes with the conversion feature for the convertible notes not subject
to the repurchase agreement outstanding as of March&nbsp;31, 2022 in the table at the bottom of page&nbsp;17 of Note 8, Fair Value of Financial Instruments, in the Unaudited Condensed Consolidated Financial Statements for the Quarter Ended
March&nbsp;31, 2022. Also included in that table is the face value, carrying value, and the fair value of the unsettled portion of the convertible notes subject to the repurchase agreement representing the recombined host debt instrument and its
related conversion feature as of March 31, 2022. This unsettled portion related to the conversion feature is not subject to an <FONT STYLE="white-space:nowrap">on-going</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> adjustment and is not a derivative as of March&nbsp;31, 2022 as the settlement amount was determined (in part) on the basis of changes in the
Company&#146;s share price between March&nbsp;3, 2022 and March&nbsp;29, 2022 (the &#147;estimated volume-weighted average price or estimated VWAP&#148;). The warrants, bond hedge call options, and the majority of the convertible debt that was
subject to the repurchase agreement was settled during the period, and as such, were not included in this table. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Background of 2023 Notes Partial
Repurchase </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company entered into various agreements with certain noteholders and banks on March&nbsp;2, 2022 to (1)&nbsp;repurchase
$123.1&nbsp;million of principal amount of the $172.5&nbsp;million of principal amount of convertible notes originally issued in 2017, (2) settle a corresponding portion of the warrants originally issued in 2017, and (3)&nbsp;settle a corresponding
portion of the bond hedge call options originally purchased in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The March&nbsp;2, 2022 agreements required cash settlement of the convertible debt
(including the embedded conversion feature) and net cash settlement of the warrants and bond hedge call options for individual settlement amounts, each settlement amount is determined (in part) on the basis of changes in estimated VWAP between
March&nbsp;3, 2022 and March&nbsp;29, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;31, 2022, the Company (1)&nbsp;paid $174.5&nbsp;million in cash to repurchase the majority of
the convertible debt that the holders agreed to be repurchased, (2)&nbsp;paid $55.1&nbsp;million in cash to settle the warrants, and (3)&nbsp;received $72.4&nbsp;million in cash to settle the bond hedge call options, subject to the March&nbsp;2,
2022 agreements. Additionally, on April&nbsp;1, 2022, the Company paid $24.6&nbsp;million in cash to repurchase the remaining portion of the 2023 partial repurchase of the convertible notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Derivative Accounting </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to the repurchase of
the convertible notes on March&nbsp;2, 2022, the embedded conversion feature, the bond hedge call options, and the warrants were considered to be indexed to the Company&#146;s own equity under ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">815-40-15</FONT></FONT> and met the equity classification conditions in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25.</FONT></FONT> They met the ASC
<FONT STYLE="white-space:nowrap">815-40</FONT> derivative scope exception and did not require derivative accounting (including the embedded conversion feature which was not bifurcated from the host debt instrument). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, since the March&nbsp;2, 2022 agreements required cash settlements, the conversion feature, the bond
hedge call options, and warrants no longer met the equity classification conditions in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25</FONT></FONT> to qualify for the ASC
<FONT STYLE="white-space:nowrap">815-40</FONT> derivative scope exception as of March&nbsp;2, 2022. Therefore, an equity derivative embedded in the convertible notes subject to the March 2, 2022 agreement was bifurcated and the bifurcated equity
derivative, the bond hedge call options and warrants were required to be accounted for as derivatives measured at fair value upon entering into the repurchase and settlement agreements on March&nbsp;2, 2022, with subsequent changes in fair value
recorded in earnings by the Company. The settlement amount related to the bifurcated equity derivative, the bond hedge call option, and the warrants was determined on March 29, 2022. The bond hedge call option and warrants were settled in cash on
March 31, 2022. The Company settled the majority of the convertible debt that the holders agreed to be repurchased on March&nbsp;31, 2022 in cash and settled the remaining portion of the convertible debt subject to the March 2, 2022 agreement on
April 1, 2022 in cash. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Loss on Fair Value Adjustment of Derivatives, Net </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon entering into the 2023 notes partial repurchase on March&nbsp;2, 2022, the bifurcated embedded equity feature, the bond hedge call options and warrants,
were subject to derivative accounting.&nbsp;Consequently, the Company determined their fair values on March&nbsp;2, 2022 using a Monte Carlo simulation model, which included an assumption based on the VWAP of the Company&#146;s stock price between
March&nbsp;3, 2022 and March&nbsp;29, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the settlement of the 2023 notes partial repurchase, the conversion feature, the bond hedge call
options, and warrants were valued at their fair value of $172.6&nbsp;million, $72.4&nbsp;million and $55.1&nbsp;million, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The difference
between the cash settlement value on March&nbsp;29, 2022 and fair value on March&nbsp;2, 2022 represents the loss on the fair value adjustment of the derivatives. Consequently, the Company recorded a net loss on fair value adjustment of
$8.3&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact the
undersigned at (408) <FONT STYLE="white-space:nowrap">462-8000</FONT> if you have any questions or require further information regarding this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Jones</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Keith Jones,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Vice President, Finance and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interim Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Rambus Inc.</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<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">Luc Seraphin, Chief Executive Officer, Rambus Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Shinn, Senior Vice President, General Counsel&nbsp;&amp; Secretary, Rambus Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Meera Rao, Chairperson of the Audit Committee of the Board of Directors, Rambus Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Michael E. Coke, Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Amanda Urquiza, Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mandy Dhillon, PricewaterhouseCoopers LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
