<SEC-DOCUMENT>0001104659-21-029340.txt : 20210415
<SEC-HEADER>0001104659-21-029340.hdr.sgml : 20210415
<ACCEPTANCE-DATETIME>20210226170252
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-029340
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aldel Financial Inc.
		CENTRAL INDEX KEY:			0001840776
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		105 S MAPLE STREET
		CITY:			ITASCA
		STATE:			IL
		ZIP:			60143
		BUSINESS PHONE:		8477916817

	MAIL ADDRESS:	
		STREET 1:		105 S MAPLE STREET
		CITY:			ITASCA
		STATE:			IL
		ZIP:			60143
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD ROWSPAN="7" STYLE="padding: 0; width: 46%; text-indent: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 24%; text-indent: 0">
        <P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Giovanni Caruso</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P></TD>
    <TD STYLE="padding: 0; width: 5%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 25%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Partner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">345 Park Avenue<BR>
</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Direct</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">212.407.4866</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">New York, NY&nbsp;&nbsp;10154</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Main</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">212.407.4000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Fax</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">212.937.3943</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">gcaruso@loeb.com</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 46%; padding-right: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 54%; padding-right: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Via Edgar</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 26, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance<BR> U.S. Securities &amp; Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Loan Lauren Nguyen</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">Timothy S. Levenberg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Aldel Financial Inc.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Registration Statement on
Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Filed February 16, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>File No. 333-253166</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Dear Ms. Nguyen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of our client, Aldel Financial
Inc. (the &ldquo;Company&rdquo;), we hereby provide a response to the comments issued in a letter dated February 25, 2021 (the
 &ldquo;Staff&rsquo;s Letter&rdquo;) regarding the Company&rsquo;s registration statement on Form S-1 filed on February 16, 2021
(the &ldquo;Registration Statement&rdquo;). Contemporaneously, we are filing our first amendment to the Registration Statement
(the &ldquo;Amended Registration Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to facilitate the review by the
staff of the Securities and Exchange Commission (the &ldquo;Staff&rdquo;) of the Amended Registration Statement, we have responded,
on behalf of the Company, to the comments set forth in the Staff&rsquo;s Letter on a point-by-point basis. The numbered paragraphs
set forth below respond to the Staff&rsquo;s comments and correspond to the numbered paragraph in the Staff&rsquo;s Letter.</P>

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

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

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

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

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

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

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

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

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Los Angeles &nbsp;&nbsp;New York &nbsp;&nbsp;Chicago &nbsp;&nbsp;Nashville &nbsp;&nbsp;Washington, DC &nbsp;&nbsp;Beijing &nbsp;&nbsp;Hong Kong &nbsp;&nbsp;www.loeb.com</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">A limited liability partnership including professional corporations</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Giovanni Caruso</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">February 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Page 2</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Registration Statement on Form S-1</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Our Forward Purchase Agreement,
page 13</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You
state&nbsp;that the&nbsp;&quot;ability to complete our initial business combination [the 'IBC'] will be enhanced by the additional
capital provided by our&nbsp;entering into a forward purchase agreement with Aldel Capital LLC, or any of its affiliates....&quot;&nbsp;
However,&nbsp; it appears that&nbsp;you would not receive any additional capital if the buyer / counterparty to the&nbsp;forward
purchase agreement [the &quot;FPA&quot;] chooses to exercise its right&nbsp;to make&nbsp;open market purchases for&nbsp;all $20M
in shares of Class A common stock to satisfy its commitment&nbsp;pursuant to the FPA in lieu of&nbsp;purchasing such shares directly
from you.&nbsp;Please revise to clarify in light of your statement in&nbsp;the last sentence at&nbsp;page 19 that&nbsp;you will
receive no&nbsp;proceeds with respect to any shares purchased under the FPA in open market transactions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response</B>: The disclosure
on page 13 of the Amended Registration Statement has been revised in accordance with the Staff&rsquo;s comments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We
note the disclosure that the Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a dollar-for-dollar
basis in the amount (i)&nbsp;used by Buyer and its affiliates to purchase Common Stock in open market purchases following the IPO,
and (ii) &quot;invested in the target company prior to the closing of the Business Combination.&quot;&nbsp; Revise to explain how
you will determine the amount of investments in the target and whether such investments will be in the form of cash, equity or
some other source.&nbsp; Also clarify, if true, that there is no minimum commitment under the forward purchase agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response</B>: The disclosure
in the Amended Registration Statement has been revised in accordance with the Staff&rsquo;s comments, including to clarify that
the entire $20 million must be invested by Aldel Capital LLC or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>If we seek stockholder approval
of our initial business combination, our initial stockholders and management team have agreed to vote, page 37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You
disclose the increased likelihood that the IBC will receive the necessary vote for approval if the buyer / counterparty&nbsp;purchases
shares of Class A common stock in open market purchases pursuant to the FPA.&nbsp; Also disclose&nbsp;the incrementally greater
increase in&nbsp;the counterparty's relative stock ownership and its&nbsp;ability to influence future stockholder votes post-IBC
if it makes the entire $20M &quot;investment&quot; in the open market.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response</B>: The disclosure
on page 69 of the Amended Registration Statement under the risk factor entitled &ldquo;Our initial stockholders control a substantial
interest in us...&rdquo; has been revised to include that the influence of management may continue after the close of a business
combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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 ROWSPAN="3" STYLE="padding: 0; width: 50%; text-align: left; font-size: 10pt; text-indent: 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 46.5pt; width: 46.5pt"></TD>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Giovanni Caruso</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">February 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Page 3</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please
expand your discussion in this risk factor&nbsp;of the&nbsp;20% stock ownership to also&nbsp;disclose separately&nbsp;the minimum
percentage and the maximum percentage&nbsp;the original stockholders will hold taking into account &quot;the shares of Class A
common stock underlying the Underwriter Units, the private units, the shares of Class A common stock&nbsp;issuable pursuant to
the [FPA, and]&nbsp;the shares of Class A common stock underlying the units issuable upon&nbsp;conversion of working capital loans&quot;
which you do not include when arriving at the 20% figure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response</B>: The disclosure
on page 37 of the Amended Registration Statement has been revised in accordance with the Staff&rsquo;s comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Our warrant agreement will
designate the courts of the State of New York or the United States District Court, page 72</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You
suggest in this risk factor that the&nbsp;provisions of the warrant agreement will not apply to suits brought to enforce any liability
or duty&nbsp;created by the Exchange Act or any other claim for which the federal district courts&nbsp;are the sole and&nbsp;exclusive
forum.&nbsp; However, Section 9.3 of the form of warrant agreement you filed as exhibit 4.4 does not include this limitation.&nbsp;
If the exclusive forum provision in your warrant agreement does not apply to actions arising under the&nbsp;Exchange Act, please
also ensure that the exclusive forum provision in the&nbsp;governing document&nbsp;states this clearly.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response</B>: Section 9.3
of the form of warrant agreement has been revised in accordance with the Staff&rsquo;s comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please call me at 212-407-4866
if you would like additional information with respect to any of the foregoing.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><U>/s/ Giovanni Caruso</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Giovanni Caruso<BR>
Partner</P>

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

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

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

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begin 644 image_001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
