<SEC-DOCUMENT>0001104659-21-083887.txt : 20210901
<SEC-HEADER>0001104659-21-083887.hdr.sgml : 20210901
<ACCEPTANCE-DATETIME>20210622105811
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-083887
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPRING VALLEY ACQUISITION CORP.
		CENTRAL INDEX KEY:			0001822966
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				852715384
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2100 MCKINNEY AVE, SUITE 1675
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		(203) 856-1193

	MAIL ADDRESS:	
		STREET 1:		2100 MCKINNEY AVE, SUITE 1675
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
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<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spring
Valley Acquisition Corp.<BR>
</B>2100 McKinney Ave, Suite&nbsp;1675<BR>
Dallas, TX 75201</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June&nbsp;22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIA
EDGAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Eric
Atallah<BR>
</FONT>&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;<FONT STYLE="font-size: 10pt">Terence O'Brien<BR>
</FONT>&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;<FONT STYLE="font-size: 10pt">Margaret Schwartz<BR>
</FONT>&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;<FONT STYLE="font-size: 10pt">Laura Crotty</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Life Sciences<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Spring
Valley Acquisition Corp.<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Registration Statement on Form&nbsp;S-4<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Filed May&nbsp;10, 2021<BR>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">File No.&nbsp;333-255978</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter sets forth the
response of Spring Valley Acquisition Corp. (the &ldquo;<B><I>Company</I></B>&rdquo;) to the comments of the staff of the Division of
Corporate Finance (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the Securities and Exchange Commission set forth in your letter dated June&nbsp;4,
2021, with respect to the above referenced Registration Statement on Form&nbsp;S-4 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).
Concurrently with the submission of this letter, the Company is filing a revised Registration Statement on Form&nbsp;S-4 (the &ldquo;<B><I>Revised
Registration Statement</I></B>&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto
in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below is the Company&rsquo;s
response to the Staff&rsquo;s comments. For the Staff&rsquo;s convenience, we have incorporated your comments into this response letter
in italics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Registration Statement on Form&nbsp;S-4, Filed
May&nbsp;10, 2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Letter to Shareholders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please prominently quantify the Merger Consideration to be paid by Spring Valley in relation to the business combination
both in the letter to Spring Valley Acquisition Corp, shareholders and the Summary of the Proxy Statement/Prospectus, rather than only
referring to the defined term.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure in the Letter to Shareholders and on
pages&nbsp;xii, xv, xx, 5, 6, 68, 69 and 94 of the Revised Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Summary of the Proxy Statement/Prospectus,
page&nbsp;1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please expand the &ldquo;Exclusivity&rdquo; bullet on page&nbsp;9 to explain what this refers to.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;9 of the Revised Registration Statement
accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risk Factors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>AeroFarms' ability to use net operating loss
carryforwards and other tax attributes may be limited..., page&nbsp;38</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your statement that it is likely that the Business Combination would result in an ownership change and if
an ownership change is deemed to have occurred, New AeroFarms' carryforwards may be limited. Please revise to explain how the limitation
on the use of carryforwards is determined if there is an ownership change.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;38 and 39 of the Revised Registration
Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Business Combination Proposal</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The Merger Agreement, page&nbsp;67</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise page&nbsp;79 to disclose the number of shares that will be covered by the Registration Rights Agreement
and the &ldquo;certain other holders&rdquo; party thereto.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp; 10, 79, 219 and 220 of the
Revised Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise to define Series&nbsp;2 Preferred Stock Exchange Ratio, Common Stock Exchange Ratio and Exchange Ratio.
Please also state the value of such ratios assumed in this proxy statement/prospectus.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;xii, xv, xx, 5, 6, 68, 69 and 94 of the Revised Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Background of the Business Combination, page&nbsp;81</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise page&nbsp;82 to provide a more detailed description of the process used in eliminating potential business
combination candidates as you progressed from 18 candidates with which you signed non-disclosure agreements to Dream Holdings. Include
more specific information about the most material negotiations, including the industry and size of such companies and why discussions
ended.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages 82 and 83 of the Revised Registration
Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise to provide more information about the negotiation of the material terms of the Merger Agreement, including
any material changes from the letter of intent, and which party proposed which changes.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page 84 of the Revised
Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The Spring Valley Board's Reasons for the Business
Combination, page&nbsp;84</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>You indicate on page&nbsp;174 that &ldquo;New AeroFarms will evaluate how to meet the reporting obligations required
as a public benefit corporation under Delaware law, and the frequency with which it intends to issue such reports.&rdquo; To the extent
this indicates you have not finalized your plans for your reporting obligations as a public benefit corporation, where you discuss New
AeroFarms&rsquo; status as a public benefit corporation and certified B Corp, designation as a factor supporting the board&rsquo;s decision
to approve the business combination on page&nbsp;85, please acknowledge that you have not finalized plans for measuring the New AeroFarms&rsquo;
public benefit performance.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;183 of the Revised Registration
Statement in accordance with the Staff&rsquo;s comment. The revised disclosure on page&nbsp;183 acknowledges that New AeroFarms
expects to finalize its plans with respect to measuring its public benefit performance within six months of the closing of the
Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">9.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Page&nbsp;86 says Spring Valley&rsquo;s management team conducted a valuation analysis of Dream Holdings. We also
note that page&nbsp;69 says the parties agreed to the Exchange Ratio assuming a Dream Holdings equity value of approximately $800,000,000,
and additionally, in your public statements you have referenced using comparisons to other sustainable high growth food companies like
Beyond Meat, Fresh Pet and AppHarvest, as well as at high growth food and beverage. Please revise your disclosure to summarize the following
in relation to the valuation analysis.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&bull;</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">how
the projected financial information described starting on page&nbsp;87 was used, both quantitatively and qualitatively;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&bull;</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
relation to the projected financial information, whether, and if so, how, the passage of time was considered in relation to the six-year
projection period;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&bull;</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
precedent transactions or comparisons to other companies considered; and</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&bull;</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
transaction multiples considered in relation to industry medians, if available.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp; 89-91 of the Revised
Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Certain Dream Holdings Projected Financial
Information, page&nbsp;87</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your disclosure that Dream Holdings provided the Spring Valley board with internally-derived forecasts for
each of the years in the six-year period ending December&nbsp;31, 2026. We also note that you have disclosed only the &quot;key elements&quot;
of those projections on page&nbsp;88. Please revise this section to disclose all material projections considered by the Spring Valley
board, rather than limiting the information to the &quot;key elements&quot; thereof.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages 90 and 91 of the Revised Registration
Statement accordingly. The Company advises the Staff that the Revised Registration Statement includes all material projections considered by the Spring Valley
board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise page&nbsp;88 to describe when the remaining of the 16 facilities are projected to be completed as well
as any other material assumptions, such as whether berry production is taken into account.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>Response:
</I></B>The Company acknowledges the Staff's comment and has revised the disclosure on page 90 of the Revised Registration Statement
accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Interests of Spring Valley's Directors and
Executive Officers in the Business Combination, page&nbsp;89</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">12.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I><FONT STYLE="background-color: white">We note disclosure on page&nbsp;90 and elsewhere regarding conflicts of interest
in circumstances where the founder shares become worthless without an initial business combination. Please disclose in quantitative and
qualitative terms how economic incentives could result in substantial misalignment of interests in an initial business combination. For
example, since your sponsor acquired a 20% stake for approximately $0.003 per share and the offering is for $10.00 a share, the insiders
could make a substantial profit after the initial business combination even if public investors experience substantial losses.</FONT></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and revised the disclosure on pages 92 and 93 of the Revised Registration
Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Governing Documents Proposals D - Approval
of Other Changes in Connection with Adoption of the Proposed Governing Documents, page&nbsp;105</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">13.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note that Governing Documents Proposal D is seeking stockholder approval of &ldquo;all other changes necessary
or, as mutually agreed in good faith by Spring Valley and Dream Holdings, desirable in connection with the replacement of the Interim
Delaware Certificate of Incorporation and Interim Delaware Bylaws with the Proposed Certificate of Incorporation and the Proposed Bylaws.&rdquo;
Additionally, on page&nbsp;105 you state that &ldquo;certain material changes between the Existing Governing Documents and the Proposed
Governing Documents have been unbundled into distinct Governing Documents Proposals.&rdquo; Please ensure all material differences are
presented as separate proposals to be voted upon. Please refer to Rule&nbsp;14a-4(a)(3)&nbsp;of Regulation 14A and the Compliance and
Disclosure Interpretations relating to Rule&nbsp;14a-4(a)(3), which is available on our website.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and revised the disclosure throughout the Revised Registration Statement
accordingly to ensure that all material differences are presented as separate proposals to be voted upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">14.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your statement on page&nbsp;105 that the selection of the Court of Chancery as the exclusive forum for certain
actions &ldquo;shall not preclude the filing of claims in the federal district courts of the United States of under the Securities Act
or under the Exchange Act.&rdquo; Please reconcile this disclosure with page&nbsp;216, where you state that it is mandatory to file such
claims in federal district court: &ldquo;the federal district courts of United States shall be the sole and exclusive forum for resolving
any action asserting a claim arising under the Securities Act.&rdquo; Additionally, please revise page&nbsp;216 or elsewhere to disclose
any uncertainty regarding enforceability of your exclusive forum provision and clearly describe any risks or other impacts on investors.
Risks may include, but are not limited to, increased costs to bring a claim and that these provisions can discourage claims or limit
investors&rsquo; ability to bring a claim in a judicial forum that they find favorable.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and revised the disclosure on pages 110, 111, 231 and 232 of the Revised
Registration Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Nasdaq Proposal, page&nbsp;108</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">15.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise to clarify the role of Spring Valley Investors, mentioned on page&nbsp;108.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;114 of the Revised Registration
Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Information about Dream Holdings,&nbsp;Inc.,
page&nbsp;163</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">16.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your discussion on page&nbsp;165 regarding the comparison of your products to organic products. Please revise
to more explicitly state the criteria for organic products and why your products are not organic.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;172 of the Revised Registration
Statement in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">17.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your statement on page&nbsp;166: &ldquo;In a recent customer survey, for example, we received a best-in-class
Net Promoter Score over 50% higher than the vertical farming segment average.&rdquo; Please revise page&nbsp;166 to explain the Net Promoter
Score metric, including the basis for the vertical farming segment average Net Promoter Score.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;173 of the Revised Registration
Statement in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">18.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your disclosure on pages&nbsp;168-169 and elsewhere concerning plant genetics. Please revise to state whether
your plants are considered genetically modified, and if so the implications of such designation, such as regulatory implications.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;176 of the Revised Registration
Statement in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">19.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Your graphic on page&nbsp;170 indicates that you actively participate in an NIH trial and you are growing an API for
a separate trial, however, the disclosure on page&nbsp;171 indicates there is only one trial that you are involved with. If you are only
involved in one trial then please revise the graphic accordingly. Otherwise, please revise page&nbsp;171 to describe both trials.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the graphic on page&nbsp;178 of the Revised Registration Statement
to reflect one trial in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">20.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise page&nbsp;174 to disclose (i)&nbsp;the specific technologies to which such patents relate, (ii)&nbsp;how
many of the 53 patents are owned, (iii)&nbsp;the type of patent protection, (iv)&nbsp;the patent expiration dates and (v)&nbsp;the jurisdictions
covered.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages 182-185 of the Revised Registration
Statement in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">21.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please revise your disclosure to describe the competitive business conditions and your competitive position in the
industry and methods of competition.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;176 of the Revised Registration
Statement in accordance with the Staff&rsquo;s comment. Additionally, please refer to the disclosure on page&nbsp;173 of the
Revised Registration Statement under the section entitled &ldquo;Our Competitive Strengths&rdquo; for an additional discussion on
the competitive landscape and competitive positions in the industry of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Key Components of Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Cost of Goods Sold, page&nbsp;181</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">22.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note that depreciation of manufacturing equipment is included in your cost of goods sold. We also note from your
disclosure on pages&nbsp;F-23 and F-35 that your depreciation and amortization expense for the years ended December&nbsp;31, 2020 and
2019 was $1,505,387 and $1,251,965, respectively. Please quantify the amount of depreciation expense included in your cost of goods sold
and confirm that your income statement presentation complies with SAB Topic 11B.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>Response:</I></B> For the financial statements presented, the entire Depreciation and Amortization (including depreciation and amortization related to COGS)
is listed on a single line in the Profit and Loss statement. The Company acknowledges the Staff's comment and will report in compliance
with SAB Topic 11B in the Q1 financial statements beginning on page F-66 of the Revised Registration Statement. The Company determined
the total amount of Depreciation and Amortization (including depreciation and amortization related to COGS) to be immaterial to the FY20
financial statements taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Results of Operations, page&nbsp;182</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">23.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please expand your discussion of revenue, cost of sales and gross loss from Farm Products and Research and Development
Services to analyze the relative impact and contribution of these separate markets, providing quantified information where available and
useful for understanding the business through the eyes of management. See SEC Release 33-8350.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>Response: </I></B>The
Company acknowledges the Staff's comment and has revised the disclosure on pages 193-196 of the Revised Registration Statement
accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Dream Holdings Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Commitments and Contingencies, page&nbsp;186</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">24.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note that you have not included your notes payable or loans in your contractual obligations table. Please explain
to us why these obligation were not included in your table or revise your disclosure to include these obligations.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>Response: </I></B>The
Company acknowledges the Staff's comment and has revised the disclosure on page 199  of the Revised Registration Statement in
accordance with the Staff's comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Beneficial Ownership of Securities, page&nbsp;201</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">25.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note footnote 2 to the beneficial ownership table on page&nbsp;202. Please revise to state the amount of the interest
Mr.&nbsp;Quinn holds in the Sponsor and/or Sponsor Parent. Please also identify the natural person or persons who have voting and/or
investment control of the shares held by such entities. Additionally, if applicable, revise to state whether the amount of shares shown
for Mr.&nbsp;Quinn includes the shares that will be issued to Pearl in the PIPE.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;216 of the Revised Registration
Statement accordingly. As the shares reported on the Beneficial Ownership table as being held by Mr.&nbsp;Quinn do not include the
shares that will be issued to Pearl through the PIPE Investment, the Company did not revise the footnote to include any description
of Pearl&rsquo;s PIPE ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">26.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please identify the natural person or persons who have voting and/or investment control of the shares held by GSR
Greens Inc., DEVA US Inc. and AF Holding Limited.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company has revised the disclosure in the footnotes to the Beneficial Ownership table on page&nbsp;216 of the Revised Registration
Statement in response to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Proposed Conversion of New AeroFarms to a Public
Benefit Corporation, page&nbsp;207</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">27.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your disclosure that New AeroFarms is required to publicly disclose a report at least biennially. The Delaware
General Corporation Law governing public benefit corporations permits public benefit corporations to report the assessment of their public
benefit performance more frequently than biennially if required by the company&rsquo;s certificate of incorporate or bylaws. Please discuss
what consideration you have given to the frequency of providing this report. In addition, disclose how you will provide these reports
to stockholders and when you expect to provide the first report.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response: </I></B></FONT>The
Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;182 of the Revised Registration
Statement under the section entitled &ldquo;Public Benefit Corporation Status&rdquo; to address the considerations given to the
frequency of providing a report on New AeroFarms&rsquo; public benefit performance and when New AeroFarms expects to provide its
first report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">28.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please discuss the factors New AeroFarms will consider in determining the objectives and standards by which the public
benefit performance will be measured. Please also disclose how shareholders will understand whether the company has met those objectives
and standards and whether the company has developed any key performance metrics to measure success.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:
</I></B>The Company acknowledges the Staff's comment and has revised the disclosure on page 182 of the Revised Registration Statement
in accordance with the Staff's comment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Comparison of Corporate Governance and Shareholder
Rights, page&nbsp;209</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">29.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note your table starting on page&nbsp;209, which is a summary outlining important similarities and differences
in the corporate governance and stockholder/shareholder rights associated with each of Spring Valley and New AeroFarms according to applicable
law and/or the organizational documents of Spring Valley and New AeroFarms. Please consider expanding this tabular disclosure to also
summarize key differences of a traditional Delaware corporation and a Delaware public benefit corporation. For example, consider describing
differences in director duties, director liability, conflicts of interest, actions to enforce the public benefit, notices, biennially
reporting and common law fiduciary duties in transactions for corporate control.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:</I></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;223 of the Revised Registration
Statement accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 1 - Business and basis of presentation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Segment information, page&nbsp;F-26</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">30.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>We note that in March&nbsp;2020, you began establishing an R&amp;D Centre in Abu Dhabi. If revenues or long-lived
assets attributed to foreign countries are material, revise your disclosures to provide the entity wide information required by ASC paragraphs
280-10- 50-38 to 50-42.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>Response:
</I></B>The Company acknowledges the Staff's comment; however, the Company does not have material revenue or long-lived assets as of
the Balance Sheet reporting date. We will consider this in the future and will add to our financial disclosures as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Consolidated Financial Statements of Dream
Holdings,&nbsp;Inc., and its Subsidiaries</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 4 - Prepaid expenses and other current
assets, page&nbsp;F-34</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">31.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment:</I></B><I> Please describe the significant terms and conditions of your Grow NJ tax credit sale receivable.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Response:
</I></B></FONT>The Company acknowledges and provides the information below in response to Staff&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
comment. However, no revisions were made to the Registration Statement, as the Company determined the Grow NJ tax credit receivable to
be immaterial to the FY20 financial statements taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
sales receivable accounts for the Company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s sale of New Jersey
GROW Program Credits through a Transfer Certificate to third party with whom we have a signed purchase agreement. The sales receivable
is for the purchase price in an amount equal to Ninety-Four Cents ($0.94) for each Dollar ($1.00) of the Credits actually transferred
to the buyer.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Grow New Jersey Assistance Act (the &ldquo;Act&rdquo;) provides incentives for a business making, acquiring, or leasing a Capital
Investment (as defined in the Incentive Agreement) at a Qualified Business Facility (as defined in the Incentive Agreement) with more
than a certain required number of Retained or New Full-Time Jobs (as defined in the Incentive Agreement) (the &ldquo;Grow New Jersey Assistance
Tax Credit Program&rdquo;). On February&nbsp;24, 2014, Just Greens, LLC (d/b/a AeroFarms) (the &ldquo;Applicant&rdquo;), a wholly-owned
subsidiary of Dream Holdings,&nbsp;Inc. (as described in Note 1 on page&nbsp;F-26 of the Registration Statement), submitted an application
of a qualifying project for 69 proposed New Full-Time Jobs at its 212 Rome Street, Newark, New Jersey facility to the New Jersey Economic
Development Authority (&ldquo;NJEDA&rdquo;). On July&nbsp;6, 2018, NJEDA approved the application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Act, on September&nbsp;19, 2018,
the Applicant entered into an Incentive Agreement with NJEDA in connection with the Grow New Jersey Assistance Tax Credit Program (the
 &ldquo;Incentive Agreement&rdquo;). The Incentive Agreement provides the approved maximum award of the grant of tax credits to the Applicant
by NJEDA in an amount that shall not exceed $6,555,000 (the &ldquo;Tax Credit&rdquo;). The annual amount of the Tax Credit shall not exceed
$9,500 allocable to each New Full-Time Job.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Incentive Agreement, the Applicant must
comply with certain covenants in order to maintain eligibility for the Tax Credit. These covenants include, among others, (1)&nbsp;creating
at least 35 New Full-Time Jobs, (2)&nbsp;not reducing the number of full-time employees below the Statewide Minimum (as defined in the
Incentive Agreement), (3)&nbsp;the representation, statements and warranties of the Applicant set forth in the Incentive Agreement are
true and correct in all material respects, (4)&nbsp;the jobs and location of the Qualified Business Facility must be maintained for not
less than the 15 year Commitment Period (as defined in the Incentive Agreement) from when NJEDA accepts the certifications of project
completion, and (5)&nbsp;maintaining at least 9 existing New Jersey positions for the duration of the Incentive Agreement. The Applicant
must also submit an Annual Compliance Report (as defined in the Incentive Agreement) with NJEDA detailing any material changes to the
Qualified Business Facility and Full-Time Jobs as well as compliance with all applicable tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">32.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><I>Staff&rsquo;s
comment: </I></B><I>Please file your Danville, New Jersey (212 Rome Street) and Abu Dhabi leases, the Spring Valley Letter Agreement,
the Sponsor Letter Agreement and the executive employment agreement with David Rosenberg as exhibits.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>Response:
</I></B>The Company acknowledges the Staff's comment and has filed the requested exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*****</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We respectfully request the
Staff&rsquo;s assistance in completing the review of the Registration Statement, as amended, as soon as possible. Please contact Matthew
R. Pacey of Kirkland&nbsp;&amp; Ellis LLP at (713) 836-3786 with any questions or further comments regarding the responses to the Staff&rsquo;s
comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPRING VALLEY ACQUISITION CORP.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>/s/ <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Christopher Sorrells</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher Sorrells</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">CC: David Rosenberg, Dream Holdings,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Mark Boyland, Dream Holdings,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Scott Cowan, DLA Piper LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Matthew Pacey, Kirkland&nbsp;&amp; Ellis LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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