<SEC-DOCUMENT>0001193125-21-146630.txt : 20210609
<SEC-HEADER>0001193125-21-146630.hdr.sgml : 20210609
<ACCEPTANCE-DATETIME>20210503072158
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-146630
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global-E Online Ltd.
		CENTRAL INDEX KEY:			0001835963
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		25 BASEL STREET
		CITY:			PETAH
		STATE:			L3
		ZIP:			4951038
		BUSINESS PHONE:		646 503 1290

	MAIL ADDRESS:	
		STREET 1:		25 BASEL STREET
		CITY:			PETAH
		STATE:			L3
		ZIP:			4951038
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1271 Avenue of the Americas</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10020-1401</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1.212.906.1200 Fax:
+1.212.751.4864</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.lw.com</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>May&nbsp;3, 2021</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>VIA EDGAR</I></B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">Division of Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology</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:1pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-6010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>FIRM / AFFILIATE OFFICES</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Beijing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Moscow</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Boston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Munich</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Brussels</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>New York</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Century City</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Orange County</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Chicago</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Paris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dubai</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Riyadh</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>D&uuml;sseldorf</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>San Diego</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Frankfurt</TD>
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<TD VALIGN="bottom" NOWRAP>San Francisco</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Hamburg</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seoul</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Hong Kong</TD>
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<TD VALIGN="bottom" NOWRAP>Shanghai</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Houston</TD>
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<TD VALIGN="bottom" NOWRAP>Silicon Valley</TD></TR>
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<TD VALIGN="bottom" NOWRAP>London</TD>
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<TD VALIGN="bottom" NOWRAP>Singapore</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Los Angeles</TD>
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<TD VALIGN="bottom" NOWRAP>Tokyo</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Madrid</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Washington, D.C.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Milan</TD>
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<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ryan Rohn</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Stephen Krikorian</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Matthew Crispino</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Larry Spirgel</TD></TR>
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<TD VALIGN="top" ALIGN="right">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><FONT STYLE="white-space:nowrap">Global-E</FONT> Online Ltd.</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Amendment No.&nbsp;2 to Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT></B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Filed April&nbsp;28, 2021</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-253999</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir or Madam: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of <FONT STYLE="white-space:nowrap">Global-E</FONT> Online Ltd. (the &#147;<B><I>Company</I></B>&#148;), we are hereby filing with
the U.S. Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) Amendment No.&nbsp;3 to the Registration Statement (the &#147;<B><I>Registration Statement</I></B>&#148;) on Form <FONT STYLE="white-space:nowrap">F-1</FONT>
(&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;3</I></B>&#148;). The Company previously filed the Registration Statement on March&nbsp;8, 2021, as amended by Amendment No.&nbsp;1 to the Registration Statement on April&nbsp;13, 2021 and
Amendment No.&nbsp;2 to the Registration Statement on April&nbsp;28, 2021. Amendment No.&nbsp;3 has been revised to reflect the Company&#146;s responses to the comment letter to the Registration Statement received on April&nbsp;30, 2021 from the
staff of the Commission (the &#147;<B><I>Staff</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of review, we have set forth below the Staff&#146;s comment in
bold type followed by the Company&#146;s response thereto. Unless otherwise indicated, capitalized terms used herein have the meanings assigned to them in the Registration Statement and all references to page numbers in such responses are to page
numbers in the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Amendment No.&nbsp;2 to Form <FONT STYLE="white-space:nowrap">F-1</FONT> </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Recent Developments </U></I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Preliminary
Results for the Three Months Ended March&nbsp;31, 2021, page 7 </U></I></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>May 3, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B> Page
 2
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</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>Please revise to include a footnote that describe the terms of the warrants issued to Shopify. This
disclosure should include pro forma effects on your preliminary results as well as anticipated effect on your financial statements over the next four years that these warrants vest. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully acknowledges the Staff&#146;s comment and advises the Staff that it has revised the disclosure on page 7 of Amendment No.&nbsp;3.<B> </B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</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>Please revise your Adjusted EBITDA reconciliation table to include a footnote that describes the impact of
the Shopify warrants on this <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measure. </B></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that it has revised the disclosure on page 8 of Amendment
No.&nbsp;3 to disclose that amortization expenses related to the Shopify warrants would not impact Adjusted EBITDA as it is adjusted for amortization. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Services and Partnership Agreement, page 145 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</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>Please revise this section to note that the percentage-based fee of GMV you will pay to Shopify could have a
negative impact on the company&#146;s gross margin. Please add similar disclosure to the risk factor on page 20.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully acknowledges the Staff&#146;s comment and advises the Staff that it has revised the disclosure on pages 21 and 146 of Amendment No.&nbsp;3. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Notes to the Consolidated Financial Statements </U></I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>15. Subsequent Events, page <FONT STYLE="white-space:nowrap">F-36</FONT> </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</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>We note your prior comment 2 and have the following comments. Please add pro forma information to clearly
disclose the impact the Shopify warrants will have on your financial position and results of operations. Due to the materiality of these warrants, consider presenting pro forma statements, on the balance sheet, in columnar form on the face of the
historical statements. See ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">855-10-50-3.</FONT></FONT></FONT> Disclose the expected expense to be recognized in each period of amortization and its
classification. Also, disclose the impact the warrants will have on earnings per share. We refer you to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-13.</FONT></FONT></FONT>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that it has revised the disclosure on pages <FONT
STYLE="white-space:nowrap">F-4</FONT> and <FONT STYLE="white-space:nowrap">F-36</FONT> of Amendment No.&nbsp;3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;*&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>May 3, 2021 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope the foregoing answers are responsive to your comments and look forward to resolving
any outstanding issues as quickly as possible. Please do not hesitate to contact me by telephone at +44.20.7710.5820 or by fax at +9.725.4621.8157 with any questions or comments regarding this correspondence. </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<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/ Joshua Kiernan</P></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:0pt; font-size:10pt; font-family:Times New Roman">Joshua G. Kiernan, Esq.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">of LATHAM&nbsp;&amp;
WATKINS LLP</P></TD></TR>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Amir Schlachet, <FONT STYLE="white-space:nowrap">Global-E</FONT> Online Ltd.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Oded Griffel, Esq., <FONT STYLE="white-space:nowrap">Global-E</FONT> Online Ltd.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Nathan Ajiashvili, Esq., Latham&nbsp;&amp; Watkins LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Mike Rimon, Esq., Meitar | Law Offices</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Shachar Hadar, Esq., Meitar | Law Offices</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>David J. Goldschmidt, Esq., Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Yossi Vebman, Esq., Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chaim Friedland, Esq., Gornitzky&nbsp;&amp; Co.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ari Fried, Esq., Gornitzky&nbsp;&amp; Co.</TD></TR>
</TABLE>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
