<SEC-DOCUMENT>0001552781-21-000621.txt : 20211206
<SEC-HEADER>0001552781-21-000621.hdr.sgml : 20211206
<ACCEPTANCE-DATETIME>20210804105551
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001552781-21-000621
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRSTSUN CAPITAL BANCORP
		CENTRAL INDEX KEY:			0001709442
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				814552413
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1400 16TH STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		785-827-5565

	MAIL ADDRESS:	
		STREET 1:		1400 16TH STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;</FONT></P>

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #355989; text-indent: 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #355989; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>NELSON
        MULLINS RILEY &amp; SCARBOROUGH LLP</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #689AC5; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>ATTORNEYS
        AND COUNSELORS AT LAW</B></FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #485667; text-indent: 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #485667; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>201 17th
        Street NW, Suite 1700</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #485667; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Atlanta,
        GA 30363</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #485667; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>T: 404.322.6000
        F: 404.322.6050</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #485667; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>nelsonmullins.com</B></FONT></P></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">August 4, 2021</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><U>Via Edgar</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Office of Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">U.S. Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Washington, DC 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Attention: Julia Griffith</FONT></P>

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

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">Re:</TD>
    <TD STYLE="width: 90%">FirstSun Capital Bancorp</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Amendment No. 1 to Draft Registration Statement on Form S-4</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Submitted Confidentially on July 22, 2021</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">CIK No. 0001709442</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Registration Statement on Form S-4</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Filed on July 26, 2021</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">File No. 333-258176</TD>
    </TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dear Sir or Madam:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On behalf of
FirstSun Capital Bancorp (&ldquo;<B><I>FirstSun</I></B>&rdquo;),<B><I> </I></B>we hereby submit responses to the comments provided
by the Staff of the Division of Corporation Finance (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the U.S. Securities and Exchange
Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) set forth in your letter dated August 2, 2021 (the &ldquo;<B><I>Comment
Letter</I></B>&rdquo;) with respect to the above-referenced filings (the &ldquo;<B><I>Form S-</I></B>4&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For your convenience,
we have set forth each comment from the Comment Letter in italics and bold typeface and have included the Company&rsquo;s response
below it. The numbered paragraphs in this letter correspond to the numbered paragraphs of the Comment Letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.1pt 0 0"><FONT STYLE="font-size: 10pt"><U>Form S-4 filed July 26,
2021</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0 0"><FONT STYLE="font-size: 10pt"><U>Material U.S. Federal
Income Tax Consequences of the Mergers, page 105</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11.75pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>1.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>We
                                         note you have filed short form tax opinions with your exhibits 8.1 and 8.2. We further
                                         note the first paragraph in this section says that it is the opinion of counsel that
                                         the following discussion summarizes the anticipated material U.S. federal income tax
                                         consequences of the merger. Please revise to identify the specific tax issue that counsel
                                         is opining upon and remove the language that appears to indicate that counsel is opining
                                         upon a summarized discussion. Please refer to Section III.C.2. of Staff Legal Bulletin
                                         No. 19 (CF), available on our website.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Response:
</U></B>The disclosure set forth in the section entitled &ldquo;Material U.S. Federal Income Tax Consequences of the Mergers&rdquo;
has been revised in response to the Staff&rsquo;s comment. Such disclosure now provides that it is the opinion of Nelson Mullins
Riley &amp; Scarborough LLP, counsel to FirstSun, and Bracewell LLP, counsel to Pioneer Bancshares, Inc. (&ldquo;<B><I>Pioneer</I></B>&rdquo;),
that the mergers will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of 1986,
as amended, for U.S. federal income tax purposes and that accordingly the material U.S. federal income tax consequences of the
mergers generally applicable to U.S. holders of Pioneer common stock who exchange their shares of Pioneer common stock for shares
of FirstSun common stock pursuant to the merger will be those set forth in this section entitled &ldquo;Material U.S. Federal
Income Tax Consequences of the Mergers.&rdquo; <U>Exhibit A</U> hereto sets forth the revisions to the disclosure.</FONT></P>

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

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>2.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Please
                                         refer to Exhibit 8.2. We note the language in the last paragraph that the opinion is
                                         being furnished solely to the company in connection with the filing and is not to be
                                         relied upon for any other purpose without your prior written consent. Limitations on
                                         reliance are not acceptable. Investors are entitled to rely on the opinion. Please revise
                                         accordingly. Refer to Section III.D.1. of Staff Legal Bulletin No. 19.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Response:
</U></B>In response to the Staff&rsquo;s comment, the tax opinion of Bracewell LLP, filed as Exhibit 8.2 to the Form S-4, will
be revised and filed with the next amendment to the Form S-4 to delete the first sentence of the last paragraph of the legal opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.55pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are available to discuss any of our responses with you at your convenience. Should you have any questions or want to discuss these
matters further, please contact me at (404) 322-6153 or Brennan Ryan at (404) 322-6444.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>/s/ Allie L. Nagy</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Allie L. Nagy</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">cc:</TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0">Susan Block, U.S. Securities and Exchange Commission</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">John Spitz, U.S. Securities and Exchange Commission</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Michael Volley, U.S. Securities and Exchange Commission</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Robert A. Cafera, Jr., FirstSun Capital Bancorp</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Josh T. McNulty, Bracewell LLP</TD>
    </TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGERS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Subject
to the limitations, assumptions and qualifications described herein, in </STRIKE></FONT><STRIKE><FONT STYLE="font-size: 10pt; color: green">
the opinion of Nelson Mullins Riley &amp; Scarborough LLP, counsel to FirstSun, and </FONT></STRIKE><STRIKE><FONT STYLE="font-size: 10pt; color: red">
in the opinion of </FONT></STRIKE><STRIKE><FONT STYLE="font-size: 10pt; color: green"> Bracewell LLP, counsel to Pioneer, </FONT></STRIKE><STRIKE><FONT STYLE="font-size: 10pt; color: red">
the</FONT></STRIKE><FONT STYLE="font-size: 10pt; color: blue"><U>The</U></FONT><FONT STYLE="font-size: 10pt"> following discussion
summarizes the anticipated material U.S. federal income tax consequences of the mergers generally applicable to U.S. holders (as
defined below) of Pioneer common stock who exchange their shares of Pioneer common stock for shares of FirstSun common stock pursuant
to the merger. <FONT STYLE="color: red"><STRIKE>The opinions of tax counsel for each of FirstSun and Pioneer is filed as Exhibit
8.1 and Exhibit 8.2, respectively, to the registration statement on Form S-4 of which this proxy statement/prospectus is a part.
</STRIKE></FONT>This summary is based upon the Internal Revenue Code of 1986, as amended, the &ldquo;Code,&rdquo; Treasury regulations
promulgated thereunder, judicial authorities, published positions of the Internal Revenue Service, the &ldquo;IRS,&rdquo; and
other applicable authorities, all as in effect on the date of this discussion and all of which are subject to change (possibly
with retroactive effect) and differing interpretations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
discussion applies only to U.S. holders of Pioneer common stock who hold such stock as a capital asset within the meaning of Section&nbsp;1221
of the Code (generally, property held for investment). Further, the discussion does not purport to consider all aspects of U.S.
federal income taxation that might be relevant to holders in light of their particular circumstances and does not apply to holders
subject to special treatment under the U.S. federal income tax laws (such as, for example, dealers or brokers in securities, commodities
or foreign currencies; traders in securities that elect to apply a mark-to-market method of accounting; banks and certain other
financial institutions; insurance companies; mutual funds; tax-exempt organizations; holders subject to the alternative minimum
tax provisions of the Code; persons who are required to recognize income or gain with respect to the merger no later than such
income or gain is required to be reported on an applicable financial statement under Section 451(b) of the Code; partnerships,
S corporations or other pass-through entities (or investors therein); regulated investment companies; real estate investment trusts;
former citizens or residents of the United States; U.S. expatriates; U.S. holders whose functional currency is not the U.S. dollar;
holders who hold shares of Pioneer common stock as part of a hedge, straddle, constructive sale or conversion transaction or other
integrated investment; U.S. holders who acquired Pioneer common stock pursuant to the exercise of employee stock options, through
a tax qualified retirement plan or otherwise as compensation; or holders who exercise dissenters&rsquo; rights).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition,
the discussion does not address any tax consequences arising under any state, local or foreign tax, or under any U.S. federal
laws other than those pertaining to income tax, nor does it address any tax consequences arising under the unearned income Medicare
contribution tax pursuant to the Health Care and Education Reconciliation Act of 2010, or any withholding considerations under
the Foreign Account Tax Compliance Act of 2010 (including the U.S. Treasury Regulations issued thereunder and intergovernmental
agreements entered into pursuant thereto or in connection therewith).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For purposes
of this discussion, the term &ldquo;U.S. holder&rdquo; means a beneficial owner of Pioneer common stock that is, for U.S. federal
income tax purposes, (1)&nbsp;an individual citizen or resident of the United States, (2)&nbsp;a corporation, or entity treated
as a corporation for U.S. federal income tax purposes, organized in or under the laws of the United States, any state thereof
or the District of Columbia, (3)&nbsp;a trust if (a)&nbsp;a court within the United States is able to exercise primary supervision
over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the
trust or (b)&nbsp;such trust has made a valid election to be treated as a U.S. person for U.S. federal income tax purposes or
(4)&nbsp;an estate, the income of which is includible in gross income for U.S. federal income tax purposes, regardless of its
source.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If an
entity or arrangement treated as a partnership for U.S. federal income tax purposes is a holder of Pioneer common stock, the tax
treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership.
Any entity treated as a partnership for U.S. federal income tax purposes that is a holder of Pioneer common stock, and any partners
in such partnership, should consult their tax advisors regarding the tax consequences of the merger to their specific circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>All
holders of Pioneer common stock should consult their tax advisors regarding the specific tax consequences to them of the mergers
in light of their particular facts and circumstances, including the applicability and effect of any state, local, foreign and
other tax laws. </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B>In General</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>The
mergers, taken together, will qualify as a &ldquo;reorganization&rdquo; </STRIKE></FONT><STRIKE><FONT STYLE="font-size: 10pt; color: green">within
the meaning of Section&nbsp;368(a) of the Code for U.S. federal income tax purposes</FONT></STRIKE><STRIKE><FONT STYLE="font-size: 10pt; color: red">.
</FONT></STRIKE><FONT STYLE="font-size: 10pt">Consummation of the merger is conditioned upon FirstSun receiving an opinion from
Nelson Mullins Riley &amp; Scarborough LLP and upon Pioneer receiving an opinion from Bracewell LLP, each in form reasonably satisfactory
to such recipient, dated as of the closing date, both to the effect that, based upon facts, representations and assumptions set
forth in such opinions, the mergers will <FONT STYLE="color: red"><STRIKE>constitute</STRIKE></FONT><FONT STYLE="color: blue"><U>qualify
as</U></FONT> a reorganization within the meaning of Section&nbsp;368(a) of the Code. <FONT STYLE="color: red"><STRIKE>The issuance
of the </STRIKE></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: blue"><U>It
is </U></FONT><U><FONT STYLE="font-size: 10pt; color: green">the opinion of Nelson Mullins Riley &amp; Scarborough LLP, counsel
to FirstSun, and Bracewell LLP, counsel to Pioneer, </FONT></U><U><FONT STYLE="font-size: 10pt; color: blue">that the mergers
will qualify as a reorganization </FONT></U><U><FONT STYLE="font-size: 10pt; color: green">within the meaning of Section&nbsp;368(a)
of the Code for U.S. federal income tax purposes </FONT></U><U><FONT STYLE="font-size: 10pt; color: blue">and that accordingly
the material U.S. federal income tax consequences of the mergers generally applicable to U.S. holders of Pioneer common stock
who exchange their shares of Pioneer common stock for shares of FirstSun common stock pursuant to the merger will be those set
forth in this section entitled &ldquo;Material U.S. Federal Income Tax Consequences of the Mergers.&rdquo;</FONT></U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: blue"><U>The
</U></FONT><FONT STYLE="font-size: 10pt">opinions <FONT STYLE="color: red"><STRIKE>is conditioned</STRIKE></FONT><FONT STYLE="color: blue"><U>described
in the preceding paragraphs are and will be based</U></FONT> on, among other things, <FONT STYLE="color: red"><STRIKE>such tax
counsel&rsquo;s receipt of </STRIKE></FONT>representation letters from each of Pioneer or FirstSun, in each case in form and substance
reasonably satisfactory to such counsel, and on customary factual assumptions, including, but not limited to, the assumption that
the mergers will be consummated in accordance with the terms of the merger agreement. If any of the representations or assumptions
upon which those opinions are based is incorrect or incomplete, the validity of the opinions may be affected and the tax consequences
of the mergers could differ from those described in this proxy statement/prospectus. <FONT STYLE="color: red"><STRIKE>Neither</STRIKE></FONT><FONT STYLE="color: blue"><U>None
</U></FONT>of these opinions of counsel, <FONT STYLE="color: red"><STRIKE>nor</STRIKE></FONT><FONT STYLE="color: blue"><U>including
</U></FONT>the opinions delivered in connection with the filing of this Registration Statement on Form S-4 of which this proxy
statement/prospectus forms a part, is binding on the IRS or any court. No ruling has been, or will be, sought from the IRS by
FirstSun or Pioneer as to the U.S. federal income tax consequences of the mergers, and as a result, there can be no assurance
that the IRS will not assert, or that a court would not sustain, a position contrary to any of the conclusions set forth herein.
Accordingly, each holder of Pioneer common stock should consult its own tax advisor with respect to the particular tax consequences
of the mergers to such holder. <FONT STYLE="color: red"><STRIKE>The following is based on the receipt and accuracy of the above
described opinions.</STRIKE></FONT></FONT></P>


    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>


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