<SEC-DOCUMENT>0000950123-17-003331.txt : 20171205
<SEC-HEADER>0000950123-17-003331.hdr.sgml : 20171205
<ACCEPTANCE-DATETIME>20170407205458
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-17-003331
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMART Global Holdings, Inc.
		CENTRAL INDEX KEY:			0001616533
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				981013909
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4809
		BUSINESS PHONE:		(510) 623-1231

	MAIL ADDRESS:	
		STREET 1:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4809
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
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<TITLE>Comment Response Letter to the SEC</TITLE>
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<TD VALIGN="top" NOWRAP><B>New York<BR>Menlo Park<BR>Washington&nbsp;DC<BR>S&atilde;o Paulo<BR>London</B></TD>
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<TD VALIGN="top" NOWRAP><B>Paris<BR>Madrid<BR>Tokyo<BR>Beijing<BR>Hong&nbsp;Kong</B></TD></TR>
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<TD VALIGN="top"><B>Alan F. Denenberg</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davis&nbsp;Polk&nbsp;&amp;&nbsp;Wardwell&nbsp;<SMALL>LLP</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1600 El Camino Real Menlo Park, CA 94025</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">650 752 2004 tel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">650 752 3604 fax</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">alan.denenberg@davispolk.com</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;7, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>VIA EDGAR AND FEDERAL EXPRESS </U></I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-7919 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Laurie Abbott </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Tim Buchmiller </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Lynn Dicker </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Tara Harkins </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Amanda Ravitz </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><B>SMART Global Holdings, Inc.</B> </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Confidential Draft No.&nbsp;5 of the Draft Registration Statement on Form S-1 </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>Submitted March&nbsp;3, 2017 </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>CIK No.&nbsp;0001616533 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>We are submitting this letter on behalf of SMART Global Holdings, Inc. (the &#147;<B>Company</B>&#148;) in response to comments from
the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) received by letter dated March&nbsp;30, 2017 (the &#147;<B>Comment Letter</B>&#148;) relating to the above-referenced Confidential
Draft No.&nbsp;5 of the Draft Registration Statement on Form S-1 (the &#147;<B>Confidential Draft No.&nbsp;5</B>&#148;), submitted on March&nbsp;3, 2017, and the prospectus contained therein. In conjunction with this letter, the Company is
confidentially submitting via EDGAR for review by the Staff Confidential Draft No.&nbsp;6 (&#147;<B>Confidential Draft No.&nbsp;6</B>&#148;) of the Draft Registration Statement, including the prospectus contained therein. For your convenience, we
are providing by overnight delivery to the Staff courtesy copies which include five copies of Confidential Draft No.&nbsp;6 that have been marked to show changes from Confidential Draft No.&nbsp;5. Capitalized terms used in this letter but not
defined herein shall have the meanings given to such terms in Confidential Draft No. 6.<B> </B></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 each of the comments numbered 1 through 13, as set forth in the Comment Letter, together with the Company&#146;s responses thereto. All page numbers in the responses below refer to Confidential Draft No.&nbsp;6, except as otherwise noted. </P>
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 2
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<TD VALIGN="bottom" ALIGN="right">April 7, 2017</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary, page 1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Please tell us the objective criteria you used to determine which customers to highlight on page 1 and whether you have named all of the customers that
satisfy those criteria. In this regard, we note that your disclosure in the second full paragraph on page 59 includes additional customers that are not highlighted here. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully advises the Staff that it has updated the group of customers highlighted on page 1 to include the
Company&#146;s top five end customers by net sales during the six months ended February&nbsp;24, 2017. The customers named on page 59 include all of the Company&#146;s customers that accounted for more than 10% of the Company&#146;s net sales during
the periods referenced therein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Memory continues to be critical to system performance, page 2 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. We note your market data disclosed here and also on page 80 refers to market growth from 2015 to 2020. If available, please update this disclosure to
show projected growth from 2017 to 2020. We also note that your present market growth data appears to measure growth in terms of the number of memory units. If available, please balance this disclosure with projections in terms of revenue growth
given the declining average sales price per unit typically experienced in this market. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company has revised pages
2, 81 and 82 to provide updated market data to address the Staff&#146;s comment. The Company has removed the historical data from 2015 and has instead presented 2016 through 2021 estimated and forecast data. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Increasing memory demand for smartphones in Brazil, page 2 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. We note you continue to disclose that the size of the Brazilian middle class is expected to increase from 2002 to 2022 based on the same data that you
referred to in your prior amendment in 2015. If there are more recent economic forecasts regarding the Brazilian middle class and its future growth that take into consideration the impact of the events related to Petrobras that, according to your
disclosure, began to unfold in 2014 and started to have a material impact on the Brazilian currency in 2015, please revise your disclosure as appropriate. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully acknowledges the Staff&#146;s comment and has revised pages 3 and 82 to reflect the most current
forecasts regarding the Brazilian middle class available to the Company. While these forecasts do not specifically address the impact of the events related to Petrobras, they were prepared after such events began to take place, and the Company is
not aware of more current forecasts that show lower forecasts of middle class growth as a consequence of such events. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Flexible operating model,
page 4 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. Reconcile your disclosure that you &#147;do not own or operate [y]our own semiconductor fab&#148; with your disclosure in the prior
paragraph regarding your &#147;advanced </B></P>

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manufacturing capabilities&#148; and your other disclosure throughout your prospectus regarding your manufacturing facilities and capabilities. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that, while it does not own or operate
its own semiconductor wafer fabrication facility, it has capabilities for subsequent stages of the product manufacturing cycle. The Company has revised its disclosure on pages 4, 85 and 88 to clarify this point. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Implications of Being an Emerging Growth Company, page 6 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that you, or anyone
authorized to do so on your behalf, present to potential investors in reliance on Section&nbsp;5(d) of the Securities Act, whether or not they retain copies of the communications. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that the Company will supplementally
provide any written communications that are presented to potential investors. None have been presented to date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Offering, page 7 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. Please clarify if the warrants referred to in the first bullet point in the second to last paragraph of this section include the First Tranche Warrants
that will be net exercised for 4,623,449 shares of common stock upon the completion of your offering. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company
respectfully advises the Staff that the warrants referred to in such bullet point are the First Tranche Warrants. The Company has revised the disclosure on page 7 to clarify this point. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary Consolidated Financial Data and Other Information, page 8 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. We note on pages 9 and 10 and 55 and 56 that you present the non-GAAP measure Adjusted EBITDA and that you exclude a line entitled &#147;other
adjustments&#148; from this measure. Please tell us and revise your filing to explain the nature of the &#147;other adjustments&#148; and why you have excluded them from your non-GAAP measure. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully advises the Staff that the &#147;other adjustments&#148; include a number of one-time expenses, of
which the following were the most significant: special retention bonuses, storage-sale-related legal costs and an impairment charge related to prepaid state value-added taxes. The Company respectfully advises the Staff that it has revised pages 10
and 56 to address the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Sales to a limited number of customers represent a significant portion of our net sales . . . , page 16
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. We note your disclosure here that Samsung is a key customer and your disclosure on pages 17 and 21 that Samsung is also competitor and a
major supplier. Please revise your disclosure to differentiate the types of products you sell to Samsung, those for </B></P>

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which Samsung is your competitor, and the products or materials that Samsung supplies to you. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company has revised pages 16, 17, 21, 91 and 92 to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Use of Proceeds, page 49 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. We note that you
intend to use a portion of the proceeds from this offering to repay certain indebtedness. To the extent that any underwriters or affiliates thereof are lenders of this indebtedness, please revise your disclosure to so indicate. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that the Company will revise the Use of
Proceeds disclosure to more specifically address the indebtedness to be repaid in an amendment on or prior to the date of the preliminary prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comparison of the Three Months Ended November&nbsp;25, 2016 and November&nbsp;27, 2015, page 63; and Comparison of the Years Ended August&nbsp;26, 2016
and August&nbsp;28, 2015, page 65 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10. We note your disclosure that your net sales for the most recent quarter increased primarily due to higher
sales of mobile memory products in Brazil and were also positively impacted by an increase in the average selling prices of your specialty DRAM products. We also note your disclosure that your net sales for the most recent fiscal year decreased
primarily due to lower demand for your DRAM products in Brazil offset in part by an increase in demand for mobile memory products in Brazil. When individual line items disclosed in your statements of operations significantly fluctuate in comparison
to the comparable prior period, management should disclose the nature of each item that caused the significant change and quantify the change. For example, please quantify each material factor such as price changes and volume changes, separately
disclose the effect on operations attributable to each factor causing the aggregate change from period to period in your net sales and disclose the nature of or reason for each factor causing the aggregate change. Your disclosures should also
discuss any material factors that impacted your operating results in your markets other than Brazil. For further guidance, please refer to Item&nbsp;303 and the related instructions in Regulation S-K as well as SEC Interpretive Release
No.&nbsp;34-48960 (December 19, 2003). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company has revised pages 63, 64, 65 and 66 to address the Staff&#146;s
comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business, page 79 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. We note
your disclosure here and on pages 1, 3, and 57 that you are the only company engaged in packaging and test for mobile memory for smartphones in Brazil. Please tell us whether any companies outside Brazil compete with you to provide these services,
notwithstanding the Brazilian government&#146;s incentive programs. Please also tell us whether you are aware of any competitors that have demonstrated an intent to provide these services in Brazil and discuss the extent to which this might impact
your business. </B></P>

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<TR>
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<TD WIDTH="32%"></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">Securities and Exchange</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Commission</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">
 5
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">April 7, 2017</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully advises the Staff that, while it is aware of
several companies outside of Brazil that package and test components for mobile memory for smartphones that are imported into Brazil, the Company does not believe that these companies present meaningful competition to the Company, as their
components do not fulfill local content requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company regularly reviews websites of potential competitors, and it is not
aware of any competitors who have published on their website, nor has it seen in any news forum, that any competitors plan to provide packaging and test services for eMCP or low power DRAM, which are the embedded mobile memory products that the
Company packages and tests for the smartphone industry. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Relationships, page 135 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. We note your disclosure that affiliates of Barclays Capital Inc. are lenders under the Senior Secured Credit Agreement. If Barclays Capital Inc. or its
affiliates received any of the Lender Warrants disclosed on page 72, please expand your disclosure here to so indicate. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company has revised page 136 to address the Staff&#146;s comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Index to Financial Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 11.
Segment and Geographic Information, page F-40 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. Please revise your filing to disclose your basis for attributing revenues from external
customers to individual countries. Refer to the guidance in ASC 280-10-50-41(a). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company has revised page F-40
to address the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">******************************************** </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Commission</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">
 6
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">April 7, 2017</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <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. Please do not hesitate to
contact me by telephone at (650)&nbsp;752-2004 or by email at alan.denenberg@davispolk.com with any questions or comments regarding this correspondence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Alan F. Denenberg </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alan F. Denenberg </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">cc&nbsp;w/&nbsp;enc:</TD>
<TD ALIGN="left" VALIGN="top">Iain MacKenzie, SMART Global Holdings, Inc. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Jack Pacheco, SMART Global Holdings, Inc. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Bruce Goldberg, SMART Global Holdings, Inc. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Tad Freese, Latham&nbsp;&amp; Watkins LLP </TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
