<SEC-DOCUMENT>0001193125-25-053451.txt : 20250815
<SEC-HEADER>0001193125-25-053451.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250313063340
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-053451
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAKTRONICS INC /SD/
		CENTRAL INDEX KEY:			0000915779
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				460306862
		STATE OF INCORPORATION:			SD
		FISCAL YEAR END:			0426

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 5128
		STREET 2:		201 DAKTRONICS DRIVE
		CITY:			BROOKINGS
		STATE:			SD
		ZIP:			57006
		BUSINESS PHONE:		6056974000

	MAIL ADDRESS:	
		STREET 1:		P O BOX 5128
		CITY:			BROOKINGS
		STATE:			SD
		ZIP:			57006
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g914547g0312160227423.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lawrence S. Elbaum</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">lelbaum@velaw.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Tel</B> 212.237.0084</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Fax</B> 917.849.5379 <B></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Via EDGAR and Email </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;13, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christina Chalk </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Associate Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and Acquisitions </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">U.S. Securities and Exchange
Commission </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. 20549-3628
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Laura McKenzie </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Special Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and Acquisitions </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">U.S. Securities and Exchange Commission </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. 20549-3628 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Daktronics, Inc. </B></P></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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PRE14A filed January&nbsp;21, 2025 </B></P></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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38747</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mses. Chalk and McKenzie: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On behalf of our client, Daktronics, Inc., a South Dakota corporation (the &#147;<B><I>Company</I></B>&#148;), we are
responding to the comments of the Staff of the Division of Corporate Finance (the &#147;<B><I>Staff</I></B>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) set forth in the letter, dated
February&nbsp;14, 2025, with respect to the Company&#146;s Preliminary Proxy Statement on Schedule 14A filed as &#147;PRE14A&#148; with the Commission on January&nbsp;21, 2025, File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38747</FONT> (the
&#147;<B><I>Preliminary Proxy Statement</I></B>&#148;). For the convenience of the Staff, each of the Staff&#146;s comments is included in <B>bold</B> and is followed by the corresponding response of the Company. Unless the context indicates
otherwise, references in this letter to &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Substantially concurrently with the submission of this response letter (this &#147;<B><I>Letter</I></B>&#148;), the Company is
filing an Amendment No.&nbsp;1 to its Preliminary Proxy Statement (&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;1</I></B>&#148;). Capitalized terms used but not otherwise defined in this Letter shall have the meanings assigned to such
terms in the Preliminary Proxy Statement. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>PRE14A filed January&nbsp;21, 2025 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal 1, page 2 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>We note your statement that &#147;key substantive rights of shareholders, including the right to call a
special meeting&#148; are discussed in the shareholder rights comparison chart. However, the summary chart starting on page 8 of the Proxy Statement does not appear to discuss shareholders&#146; ability to call a special meeting. Please add such
discussion or remove the implication that such discussion is included in the summary comparison chart. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>: We acknowledge the Staff&#146;s comment and respectfully advise the Staff that the Company has revised the
disclosure in Amendment No.&nbsp;1 to discuss shareholders&#146; right to call a special meeting in the shareholder rights comparison chart on page 10. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Here and later in the proxy statement, including &#147;Principal Reasons for the Reincorporation,&#148;
you list multiple effects of the proposed reincorporation, including that the Company will adopt &#147;proxy access&#148; and a majority voting standard for uncontested director elections. Please revise to clarify whether these corporate governance
changes could be effected without the reincorporation into Delaware. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>: We acknowledge
the Staff&#146;s comment and respectfully advise the Staff that the Company has revised the disclosure in Amendment No.&nbsp;1 on pages <FONT STYLE="white-space:nowrap">4-5</FONT> to clarify its belief that while proxy access could be effected
without the reincorporation into Delaware, it would not be feasible to adopt a meaningful and equitable majority voting standard while incorporated in South Dakota. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Special Meeting, page i </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Please revise to reflect the filing of soliciting materials by Alta Fox Opportunity Fund, LP and to
provide any additional information required by Schedule 14A for contested solicitations. Your revised preliminary proxy materials should provide appropriate background regarding the Company&#146;s interactions with Alta Fox, including the
parties&#146; interactions regarding the senior secured convertible notes sold to Alta Fox and the dispute over their conversion. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response</U>: We acknowledge the Staff&#146;s comment and respectfully advise the Staff that the Company has entered into a
Cooperation Agreement with Alta Fox Opportunity Fund, LP and certain of its affiliates (the &#147;<B><I>Cooperation Agreement</I></B>&#148;). The Company has included the disclosure of the Cooperation Agreement in Amendment No.&nbsp;1 on page 27.
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please contact me directly at (212) <FONT STYLE="white-space:nowrap">237-0084</FONT> with
any questions that you have with respect to the foregoing or if any additional supplemental information is required by the Staff. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></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; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Lawrence S. Elbaum</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lawrence S. Elbaum</P></TD></TR></TABLE></DIV>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">C. Patrick Gadson, Vinson&nbsp;&amp; Elkins L.L.P.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Michele D. Vaillancourt, Winthrop&nbsp;&amp; Weinstine, P.A.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vincent M. Pecora, Winthrop&nbsp;&amp; Weinstine, P.A.</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g914547g0312160227423.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g914547g0312160227423.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  4 *H# 2(  A$! Q$!_\0
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M7$US)?6<JF25'.277!+8'MQTR:U]&^,_P^L-#T^SBN;F".WMHXDBD@9FC"J
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E;;CN<$@XKU.U^&O@^UM(;==!M'6*-4#R)N9L#&2>Y]Z** /_V0$!

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