<SEC-DOCUMENT>0001104659-25-014327.txt : 20251217
<SEC-HEADER>0001104659-25-014327.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20250214172538
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-014327
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Southport Acquisition Corp
		CENTRAL INDEX KEY:			0001865200
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				863483780
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		295 W CENTER STREET
		CITY:			PROVO
		STATE:			UT
		ZIP:			84601
		BUSINESS PHONE:		760-933-8437

	MAIL ADDRESS:	
		STREET 1:		295 W CENTER STREET
		CITY:			PROVO
		STATE:			UT
		ZIP:			84601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Southport Acquisition Corp
		DATE OF NAME CHANGE:	20210601
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Southport
    Acquisition Corporation</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    268 Post Road, Suite&nbsp;200<BR>
    Fairfield, CT 06824</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Angel
                                            Studios,&nbsp;Inc.</B></FONT><FONT STYLE="font-size: 10pt"><BR>
                                            295 W Center St.<BR>
                                            Provo, Utah 84601</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">February&nbsp;14,
2025</FONT></P>

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

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

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

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">U.S. Securities and Exchange Commission</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">Office of Trade&nbsp;&amp; Services</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">100 F Street, NE</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 10%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Valeria Franks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Joel Parker</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Jenna Hough</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Mara Ransom</FONT></TD></TR>
  </TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 15%"></TD><TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Southport
                                            Acquisition Corporation<BR>
                                            Registration Statement on Form&nbsp;S-4<BR>
                                            Filed November&nbsp;12, 2024<BR>
                                            File No.&nbsp;333-283151</B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This letter sets
forth the response of Southport Acquisition Corporation (&ldquo;<U>SAC</U>&rdquo;) and Angel Studios,&nbsp;Inc. (&ldquo;<U>ASI</U>&rdquo;)
to the comments of the Staff (the &ldquo;<U>Staff</U>&rdquo;) of the Division of Corporation Finance, Office of Trade&nbsp;&amp; Services,
of the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) set forth in its letter, dated December&nbsp;13, 2024,
with respect to the above-referenced Registration Statement on Form&nbsp;S-4 (the &ldquo;<U>Registration Statement</U>&rdquo;), filed
with the SEC on November&nbsp;12, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Concurrently with
the submission of this letter, SAC is filing via EDGAR Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-4 (the &ldquo;<U>Revised
Registration Statement</U>&rdquo;), which reflects SAC&rsquo;s and ASI&rsquo;s responses to the comments received from the Staff and
certain updated information. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the
Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For the Staff&rsquo;s
convenience, the text of the Staff&rsquo;s comment is set forth below in bold, followed by SAC&rsquo;s and ASI&rsquo;s response. All
references to page&nbsp;numbers in these responses are to the pages&nbsp;of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page&nbsp;</FONT><FONT STYLE="font-size: 10pt">2</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Registration Statement on Form&nbsp;S-4
filed November&nbsp;12, 2024</U></B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Your
                                            cover page&nbsp;discusses the method of issuance of Combined Company Common stock to holders
                                            of ASI common stock. In an appropriate place in your proxy statement/prospectus, revise to
                                            explain how you determined the number of shares of Class&nbsp;A and B Common Stock to register
                                            overall and specifically how you determined the number of shares of Combined Company Common
                                            Stock issued to each class of ASI and SAC shareholders relative what they currently own.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page 151 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure that certain members of the Sponsor, SAC directors and officers and
                                            certain ASI executive officers and directors participated in the ASI Reg A Offering. Throughout
                                            your proxy statement/prospectus, disclose the amount of shares purchased by each such investor.
                                            In this regard, your disclosure indicates that management of SAC noted that the success of
                                            ASI Reg A Offering had been identified by ASI as a required precursor to signing the Business
                                            Combination, and was viewed by ASI&rsquo;s management as both an important confirmation of
                                            ASI&rsquo;s business and funding model and an essential infusion of capital in the interest
                                            of the Combined Company, and yet it appears that the same management of SAC also invested
                                            in the offering and facilitated such success.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure throughout the Revised Registration Statement to reflect
that the Chairman of SAC&rsquo;s board of directors, Jared Stone, purchased 33,068 shares of ASI Class&nbsp;C Common Stock; SAC&rsquo;s
Chief Executive Officer, Jeb Spencer, purchased 826 shares of ASI Class&nbsp;C Common Stock; SAC director, Matthew Hansen, purchased 33,068 shares of ASI Class&nbsp;C Common
Stock; SAC director, Cathleen Schreiner Gates, purchased 3,307 shares of ASI Class&nbsp;C Common Stock; Sponsor member, David Watson,
purchased 8,267 shares of ASI Class&nbsp;C Common Stock; Sponsor member, John Aslanian, purchased 826 shares of ASI Class&nbsp;C Common
Stock; Sponsor member, Josh Carter, purchased 165 shares of ASI Class&nbsp;C Common Stock; ASI&rsquo;s Chief Executive Officer, Neal
Harmon, purchased 8 shares of ASI Class&nbsp;C Common Stock; ASI&rsquo;s President, Jordan Harmon, purchased 661 shares of ASI Class&nbsp;C
Common Stock; ASI&rsquo;s Chief Content Officer, Jeffrey Harmon, purchased 8 shares of ASI Class&nbsp;C Common Stock; and one of ASI&rsquo;s
directors, Paul Ahlstrom, purchased 16 shares of ASI Class&nbsp;C common stock, in each case as part of the ASI Reg A Offering.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Where
                                            you discuss the various voting thresholds for each of the matters presented at the SAC Special
                                            Meeting, revise to discuss the level at which the vote is assured pursuant to the terms of
                                            the Sponsor Support Agreement, similar to the disclosure you provide on page&nbsp;20.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><U>Response</U>: In response
to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;60 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
3</FONT></P>

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

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<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            or provide a table that includes the pro forma impact on potential dilution from the 11,500,000
                                            outstanding SAC Public Warrants if converted into 0.1 newly issued share of SAC Class&nbsp;A
                                            common stock, with any fractional entitlement being rounded down, if the Warrant Amendment
                                            Proposal is approved.</B></FONT></TD></TR></TABLE>

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

<P STYLE="text-align: left; 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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the tables on pages&nbsp;45-50, 186-191 and 251-254 of the Revised
Registration Statement to reflect the pro forma impact on potential dilution from the 11,500,000 outstanding SAC Public Warrants under
different redemption and conversion scenarios.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Q: Why is SAC proposing the Business
Combination?, page&nbsp;5</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>On
                                            page&nbsp;6 the disclosure indicates that the SAC&rsquo;s board believes that the Business
                                            Combination is in the best interests of SAC and its stockholders and presents an opportunity
                                            to increase stockholder value. Please clarify whether the determination was that the Business
                                            Combination is fair and in the best interests of SAC Public Stockholders, as you indicate
                                            on page&nbsp;158, and revise for consistency.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;5 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Q. What conditions must be satisfied
to complete the Business Combination?, page&nbsp;13</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            to clarify that you recently received shareholder approval to amend your Charter to eliminate
                                            the limitation that you may not redeem your outstanding Class&nbsp;A Common Stock to the
                                            extent that such redemption would result in the Company having net tangible assets (as determined
                                            in accordance with Rule&nbsp;3a51-1(g)(1)&nbsp;of the Securities Exchange Act of 1934, as
                                            amended), of less than $5,000,001 and explain how the amendment to your charter impacts the
                                            related merger condition. Make consistent revisions throughout your proxy statement/prospectus.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure throughout the Revised Registration Statement to reflect
the fact that, on November&nbsp;13, 2024, SAC obtained stockholder approval of the Redemption Limitation Amendment Proposal and amended
the SAC Charter consistent therewith. Additionally, SAC and ASI have revised the disclosure throughout the Revised Registration Statement
to disclose that on February&nbsp;14, 2025, SAC and ASI entered into the Merger Agreement Amendment, pursuant to which, among other things,
the parties agreed to eliminate from the Merger Agreement the condition that SAC have at least $5,000,001 of net tangible assets (as
determined in accordance with Rule&nbsp;3a51-1(g)(1)&nbsp;of the Exchange Act).</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
4</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Summary of the Joint Proxy Statement/Prospectus,
page&nbsp;27</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            an appropriate place in the summary, include a diagram of the organizational structure of
                                            SAC, ASI, and Merger Sub prior to and after the consummation of the Business Combination.
                                            Depict in the diagram how equity ownership and voting control of the Combined Company will
                                            differ due to the disparate voting rights of Combined Company Class&nbsp;A and Class&nbsp;B
                                            Common Stock.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;50-52 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise where appropriate to discuss the anticipated dual-class structure of the Combined
                                            Company, which, as you disclose elsewhere, will have the effect of concentrating more than
                                            50% of voting power with holders of Combined Company Class&nbsp;B common stock, including
                                            ASI&rsquo;s co-founder and Chief Executive Officer, Mr.&nbsp;Neal Harmon.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;52, 71, 99-100, 128-129, 206 and 227
of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Financing Arrangements, page&nbsp;42</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Where
                                            you discuss the material terms of the Reg A Offering and the financing arrangement with Off
                                            the Chain, please discuss how the proceeds were used. If these financing transactions were
                                            intended to facilitate the Business Combination and, therefore, will have a dilutive impact
                                            on non-redeeming shareholders, please state so. In this regard, these offerings were conducted
                                            while you were actively negotiating the letter of intent for this business combination. Further
                                            discuss here your stated intent to secure additional financing and provide the status of
                                            such efforts. Explain how you arrived at the assumption that you will secure $10.0 million
                                            of Company Interim Financing. Refer to Item 1604(b)(5)&nbsp;of Regulation S-K.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure throughout the Revised Registration Statement to reflect
ASI&rsquo;s intended use of proceeds from the ASI Reg A Offering and the financing arrangement with Off the Chain, and to disclose additional
information regarding the parties&rsquo; ongoing financing efforts.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;14, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page 5</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">SAC and ASI respectfully advise
the Staff that ASI intends to use the proceeds from the ASI Reg A Offering to manage its business and provide working capital for its
operations. The proceeds from the ASI Reg A Offering may also be used to pay expenses relating to salaries and other compensation to
ASI&rsquo;s officers and employees. Furthermore, ASI intends to use the proceeds from its sale of ASI Class&nbsp;C Common Stock to Off
the Chain to support its bitcoin treasury strategy. While the timing of the ASI Reg A Offering and the negotiations with Off the Chain
coincided with the timing of negotiations between ASI and SAC regarding the proposed Business Combination and entry into the Merger Agreement,
such financing arrangements were entered into by ASI in the ordinary course to fund its ongoing operations and support its long-term
strategy and were not intended to facilitate the Business Combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">SAC and ASI respectfully advise
the Staff that, during the fourth quarter of 2024, ASI sold an aggregate of 30,141 shares of ASI Class&nbsp;C Common Stock to various
purchasers, generating gross proceeds of approximately $1.0 million. During the first quarter of 2025, ASI sold an aggregate of 53,009
shares of ASI Class&nbsp;C Common Stock to various purchasers, generating gross proceeds of approximately $1.7 million. ASI intends to
use the proceeds from the sale of ASI Class&nbsp;C Common Stock to manage its business and provide working capital for its operations.
The proceeds may also be used to pay expenses relating to salaries and other compensation to ASI&rsquo;s officers and employees. The
parties intend to seek additional capital from investors to support the Combined Company post-Closing, and the terms of such financing
arrangements will be disclosed in subsequent filings with the SEC, as applicable. Existing holders of SAC securities may experience dilution
as a consequence of the issuance of shares of Combined Company Common Stock under such financing arrangements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Furthermore, SAC and ASI respectfully
advise the Staff that they assumed they would secure $10.0 million of Company Interim Financing because ASI and Off the Chain entered
into an agreement in principle for an investment by Off the Chain of approximately $10.0 million to support ASI&rsquo;s bitcoin treasury
strategy substantially concurrently with the signing of the Merger Agreement. This agreement was disclosed in the joint press release
attached as Exhibit&nbsp;99.1 to the Form&nbsp;8-K filed by each of SAC and ASI with the SEC on September&nbsp;11, 2024. The amount of
Company Interim Financing may increase prior to the Closing to the extent SAC and ASI are successful in raising additional funds to support
the Combined Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Dilution, page&nbsp;44</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>The
                                            amounts presented here and elsewhere do not appear to satisfy the requirements of Item 1604(c)&nbsp;of
                                            Regulation S-K. The SPAC&rsquo;s net tangible book value per share, as adjusted, should depict
                                            the net tangible assets per share that the SPAC will contribute to the post-combination entity.
                                            Do not label as pro forma the Item 1604(c)&nbsp;amounts presented. Please revise to present
                                            in tabular form your calculations of the numerator and denominator used to arrive at the
                                            SPAC&rsquo;s net tangible book value per share, as adjusted. The calculation of the numerator
                                            (SPAC&rsquo;s net tangible book value, as adjusted) should begin with the SPAC&rsquo;s historical
                                            net tangible book value as of the most recent balance sheet date, and include material adjustments,
                                            such as probable or consummated transactions and other effects from the de-SPAC transaction
                                            (e.g., all financing transactions, payment of deferred underwriting costs, payment of compensation
                                            to the Sponsor, de-SPAC transaction costs, reclassifications from the trust account to cash,&nbsp;etc.),
                                            while excluding the de-SPAC transaction itself. The calculation of the denominator (total
                                            shares, as adjusted) should separately list each item (e.g., Founder Shares, Public Shares,
                                            Earnout Shares issued to the Sponsor, shares issued upon conversions, other share adjustments,&nbsp;etc.),
                                            excluding the de-SPAC transaction itself, that is probable of occurring prior to or in conjunction
                                            with the de- SPAC transaction. Refer to Section&nbsp;II.D.3 of SEC Release No.&nbsp;33-11265.</B></FONT></TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;11-13, 53-55 and 183-185 the Revised Registration
Statement to satisfy the requirements under Item 1604(c)&nbsp;of Regulation S-K.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
6</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The revisions
to the dilution tables in the Revised Registration Statement are as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            previous labels stating &ldquo;pro forma&rdquo; have been removed.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">The
                                            calculation of the numerator of net tangible book value per share, as adjusted, begins with
                                            SAC&rsquo;s historical net tangible book value as of September&nbsp;30, 2024.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">The
                                            numerator and denominator were then adjusted for the following three types of adjustments:
                                            (i)&nbsp;redemptions of SAC Public Shares, (ii)&nbsp;material probable or consummated transactions
                                            other than the consummation of the de-SPAC transaction itself and (iii)&nbsp;other material
                                            effects of the de-SPAC transaction on SAC&rsquo;s net tangible book value per share, not
                                            including the de-SPAC transaction itself. This is in accordance with the three types of adjustments
                                            described within Section&nbsp;II.D.3 of SEC Release No.&nbsp;33-11265.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">The
                                            number of shares used to determine the denominator of the net tangible book value per share,
                                            as adjusted calculation has been updated to separately list shares held by the Sponsor, shares
                                            held by SAC public stockholders and shares held by Third-Party SAC Investors.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Compensation Received by the Sponsor
and its Affiliates, page&nbsp;45</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise to disclose, in a tabular format, the terms and amount of the compensation received
                                            or to be received by the Sponsor, its affiliates, and promoters in connection with the Business
                                            Combination or any related financing transaction, the amount of securities issued or to be
                                            issued by SAC to the Sponsor, its affiliates, and promoters and the price paid or to be paid
                                            for such securities in connection with the Business Combination or any related financing
                                            transaction; and, outside of the table, the extent to which that compensation and securities
                                            issuance have resulted or may result in a material dilution of the equity interests of non-redeeming
                                            shareholders of the special purpose acquisition company. Refer to Item 1604(b)(4)&nbsp;of
                                            Regulation S-K.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;56-59 and 191-193 of the Revised Registration Statement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
7</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Sources and Uses of Funds for
the Business Combination, page&nbsp;59</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            the tables to reflect the scenarios you describe in the respective headers, as it does not
                                            appear that the initial tables reflect different scenarios. Also, revise throughout to reflect
                                            the amounts in the trust account following the most recent series of redemptions.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the tables on pages&nbsp;73 and 200 of the Revised Registration
Statement to reflect the total sources and uses of funds for the Business Combination under the different redemption and warrant conversion
scenarios and after giving effect to the most recent redemptions of SAC Public Shares in connection with the Third Extension Special
Meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Risk Factors, page&nbsp;65</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise this section to provide a risk factor addressing the risks of conflicts of interest
                                            on behalf of ASI, such as you do for SAC on page&nbsp;87.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;99-100 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;166 that you intend to seek additional capital from investors
                                            to support the Combined Company post-Closing. Please provide a risk factor to discuss any
                                            associated risks a potential financing could cause to investors, disclose that you have made
                                            no such commitments yet, if true, and address the risk if you are unable to secure such financing.
                                            Disclose the anticipated liquidity position of the combined company following the Business
                                            Combination, particularly in light of the redemptions recently reported on the Form&nbsp;8-K
                                            dated November&nbsp;13, 2024, including the amount of cash necessary to pay expenses related
                                            to the Business Combination.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page 114 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;165 that the SAC board of directors has not retained an
                                            unaffiliated representative to act solely on behalf of unaffiliated stockholders of SAC for
                                            purposes of negotiating the terms of the Business Combination on their behalf and/or preparing
                                            a report concerning the approval of the Business Combination. Please provide a risk factor
                                            to discuss relevant risks of not retaining an unaffiliated representative.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><U>Response</U>: In response
to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;102 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
8</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise this section to provide a risk factor regarding the risks associated with the Business
                                            Combination not being structured to require the approval of a majority of the unaffiliated
                                            stockholders of SAC.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page 102 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Risks Relating to ASI, page&nbsp;65</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;269 that theatrical distribution typically involves significant
                                            risks and high upfront marketing costs, and that you incur significant marketing and advertising
                                            costs before and throughout a theatrical release in an effort to drive public awareness of
                                            the film and increase ticket sales. Please provide a risk factor discussing relevant risks.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;85 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Background to the Business Combination,
page&nbsp;150</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>18.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Disclose
                                            who proposed the pre-money enterprise value of $1 billion for ASI and the basis for this
                                            valuation when preparing the initial letter of intent, discussed on page&nbsp;154.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page 169 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>19.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Clarify
                                            whether the financial and marketing materials provided by ASI&rsquo;s management constituted
                                            financial projections of ASI that were prepared by ASI and shared with you.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page 169 of the Revised Registration Statement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top"><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;154 that considerations used in determining the equity
                                            value for ASI of at least $1.5 billion included, among other factors, both comparable public
                                            equity trading valuations and private investment valuations, and that the assumptions underlying
                                            these financial analyses were based on the exercise of professional judgment and the significant
                                            industry expertise and experience of members of SAC&rsquo;s management team, as well as assistance
                                            from Oppenheimer. Please expand this discussion to provide more detail as to the comparable
                                            public equity trading valuations and private investment valuations, and disclose the assumptions
                                            used. Elaborate upon the &ldquo;other financial and market materials provided by ASI&rsquo;s
                                            management and analysis of other companies in the media industry.&rdquo; Please also disclose
                                            all other material factors used to arrive at this equity valuation.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;169-170 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>21.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Clarify
                                            the role that Oppenheimer played and the level of diligence performed in connection with
                                            the Business Combination. Disclose the fees paid and due to Oppenheimer.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;173 and 201 of the Revised Registration
Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;157 regarding the August&nbsp;29, 2024 ASI Reg A Offering
                                            at a price of $30.24 per share of ASI Class&nbsp;C Common Stock, up to a $20.0 million maximum
                                            offering amount, implying a valuation of ASI of approximately $906.5 million. Please explain
                                            how this implies the valuation of $906.5 million.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;172 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>23.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>On
                                            page&nbsp;158, where you discuss the September&nbsp;9, 2024 meeting of SAC&rsquo;s board
                                            of directors, please expand your disclosure to include the financial assumptions and analyses
                                            used in valuing ASI that the management of SAC provided to the directors. Clearly disclose
                                            the valuation of ASI relied upon in these discussions.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages 173-174 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>24.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Explain
                                            why ASI determined to conduct the Reg A Offering at the same time the parties were negotiating
                                            the letter of intent.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;172 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
10</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top"><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>25.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;265 that two members of ASI&rsquo;s board of directors
                                            resigned from August&nbsp;to October&nbsp;of 2024, which follows the commencement of discussions
                                            between SAC and ASI. Please revise here to disclose whether and how these resignations impacted
                                            negotiations.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;175 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>26.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise to briefly disclose the reasons either SAC or Party A, Party C, and Party D decided
                                            not to continue pursuing the Business Combination.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;166, 168 and 170 of the Revised Registration
Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Benefits and Detriments of the
Business Combination, page&nbsp;160</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>27.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>You
                                            disclose here and throughout the proxy statement/prospectus that a benefit of the Business
                                            Combination is the opportunity for ASI to become a publicly traded company and for shares
                                            to trade on a national securities exchange. Revise to disclose whether this is a condition
                                            of the Business Combination that both parties do not intend to waive considering listing
                                            is not assured and could be more difficult in light of the recent redemptions.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;35, 176, 224 and 271 of the Revised Registration
Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>SAC&rsquo;s Board of Directors&rsquo;
Reasons for the Business Combination, page&nbsp;161</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>28.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>To
                                            the extent the SAC board of directors considered the equity valuation determined internally
                                            of ASI and/or the dilution described in Item 1604(c)&nbsp;of Regulation S-K, please affirmatively
                                            identify them in the list of factors considered.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;179 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
11</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top"><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>29.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>You
                                            discuss ASI&rsquo;s Future Opportunities, however, you do not appear to acknowledge ASI&rsquo;s
                                            decline in revenues due to, for example, the lack of significant revenues from theatrical
                                            releases since the Sound of Freedom movie that was released in 2023 and the decline in distribution
                                            revenues as a result of the termination of the agreement relating to The Chosen. Tell us
                                            how ASI&rsquo;s financial performance in 2024 was considered by the SAC Board of Directors
                                            and, if not, please state why not.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page 181 of the Revised Registration Statement.
SAC and ASI respectfully advise the Staff that, as part of the financial and commercial due diligence of ASI conducted by SAC&rsquo;s
management prior to the signing of the Merger Agreement, SAC&rsquo;s management examined ASI&rsquo;s recent financial performance, including
the decline in ASI&rsquo;s revenues from theatrical distributions since the release of the Sound of Freedom movie in 2023 as well as
the decline in ASI&rsquo;s revenues from distribution activities as a result of the termination of ASI&rsquo;s agreement relating to
The Chosen. SAC&rsquo;s management evaluated the underlying causes of such decline and the risk that ASI may not be able to continue
to successfully monetize new theatrical releases and distribution agreements. SAC&rsquo;s management presented its due diligence findings
to the SAC board of directors periodically prior to the signing of the Merger Agreement. Additionally, members of the SAC board of directors
were invited to attend due diligence meetings held by ASI&rsquo;s management on August&nbsp;8, 2024, during which the meeting participants
discussed various aspects of ASI&rsquo;s business and financial performance, including ASI&rsquo;s industry, business model, studio economics,
revenue growth, membership guild retention and strategy for future growth.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">In evaluating the proposed
Business Combination, the SAC board of directors considered these findings but ultimately concluded that the recent decline in ASI&rsquo;s
revenues and associated risks were outweighed by the expected future opportunities of ASI and the other potential benefits of the Business
Combination, which are discussed in greater detail in &ldquo;<I>SAC Stockholder Proposal No.&nbsp;1: The Business Combination Proposal&mdash;SAC&rsquo;s
Board of Directors&rsquo; Reasons for the Business Combination</I>.&rdquo; Among other things, the SAC board of directors considered
that the calendar of theatrical releases that ASI had planned for 2025 would help to increase ASI&rsquo;s revenues. Additionally, the
SAC board of directors believed that the shift of ASI&rsquo;s business toward the Angel Guild model, which is a subscription-based recurring
revenue model, combined with the expected trajectory of growth of the Angel Guild, would have a positive impact on ASI in the long-term
given the elevated forward multiples awarded to high-growth subscription businesses.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>30.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>You
                                            mention Redemption Risk as a factor and risk weighing negatively. Revise to discuss the amount
                                            remaining in the trust account which leaves a reduced amount of cash available to the Combined
                                            Company and whether such reduction in cash alters the Board&rsquo;s recommendation.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;180 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>ASI Stockholder Proposal No.&nbsp;1:
The ASI Business Combination Proposal, page&nbsp;202</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>31.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            disclose the reason for the one abstention of the ASI board of directors in voting for this
                                            proposal, if known.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure throughout the Revised Registration Statement to reflect
that, ASI believes that the single director who abstained did so because he wished to have further discussion and time to evaluate various
aspects of the proposed Business Combination. After weighing various considerations, including potential benefits of promptly proceeding
with the announcement of the proposed Business Combination, and after taking into account the abstaining director&rsquo;s position, all
of the other members of the ASI board of directors determined that the Business Combination was in the best interests of ASI and its
stockholders and approved the Business Combination.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><B><U>ASI
Stockholder Proposal No.&nbsp;1: The ASI Business Combination Proposal</U></B></FONT><B><U><FONT STYLE="font-size: 10pt"><BR>
ASI&rsquo;s Board of Directors&rsquo; Reasons for the Business Combination, page&nbsp;202</FONT></U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>32.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Explain
                                            how the Business Combination is the &ldquo;Best Available Fundraising and Growth Path.&rdquo;
                                            If your reference to &ldquo;fundraising&rdquo; relates to the proceeds available to the Combined
                                            Company from the trust account, revise to acknowledge the risks associated with the availability
                                            of such proceeds in the event of redemptions.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;224 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>33.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Elaborate
                                            upon the factor that discusses &ldquo;Route to Becoming a Public Company.&rdquo; This factor
                                            is unclear considering ASI is already a public company.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on page&nbsp;224 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>34.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure on page&nbsp;203 that ASI&rsquo;s board of directors considered a &ldquo;proposed
                                            financial analysis and model of the Combined Company.&rdquo; Disclose the content of this
                                            analysis and model and who prepared it. Refer to Item 1609 of Regulation S-K. In this regard,
                                            your disclosure that &ldquo;ASI&rsquo;s board of directors considered factors related to
                                            its projected financial outlook for the Combined Company but did not rely on these projections
                                            as a determinative factor in its decision to enter into the Merger Agreement&rdquo; seems
                                            to indicate some amount of reliance upon this information in recommending the business combination
                                            to shareholders.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure throughout the Revised Registration Statement to remove
references to the financial analysis and model of the Combined Company as a factor considered by ASI&rsquo;s board of directors in evaluating
the Business Combination. The financial analysis and model was created by ASI in the ordinary course of business under the supervision
and direction of ASI&rsquo;s Chief Executive Officer and Chief Financial Officer. This financial analysis and model was specific to ASI
and did not include any information related to SAC or the Business Combination. Since the financial analysis and model was specific to
ASI and not relied upon as a determinative factor by ASI&rsquo;s board of directors in deciding to enter into the Merger Agreement, the
decision to reference the financial analysis and model in the Registration Statement was incorrect. Furthermore, since the financial
analysis and model are not included in the Revised Registration Statement, their content will not be disclosed as required under Item
1609 of Regulation S-K.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
13</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>U.S. Federal Income Tax Considerations,
page&nbsp;208</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>35.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>We
                                            note your disclosure that the Business Combination is intended to qualify as a reorganization,
                                            but if it does not qualify as a reorganization, &ldquo;the receipt of Combined Company Common
                                            Stock in exchange for ASI Common Stock in the Merger will be a taxable transaction&rdquo;
                                            and &ldquo;in general, a U.S. holder whose shares of ASI Common Stock are converted into
                                            the right to receive Combined Company Common Stock and cash in the Business Combination will
                                            recognize capital gain or loss for U.S. federal income tax purposes...&rdquo; As it appears
                                            that these tax consequences are material to investors, revise to provide an opinion of counsel
                                            that addresses and expresses a conclusion for each material federal tax consequence. To the
                                            extent the opinion is subject to uncertainty, counsel should explain why a &ldquo;will&rdquo;
                                            opinion cannot be given and describe the degree of uncertainty. Refer to Item 601(b)(8)&nbsp;of
                                            Regulation S-K and Section&nbsp;III of Staff Legal Bulletin No.&nbsp;19.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
SAC and ASI respectfully advise the Staff that the disclosure is explicit that there is legal uncertainty regarding the characterization
of the Business Combination for U.S. federal income tax purposes and that completion of the Business Combination is not conditioned on
the receipt of an opinion of counsel or an IRS ruling confirming the U.S. federal income tax consequences thereof. Due to this uncertainty,
no representation or opinion is provided in the filing with respect to the U.S. federal tax treatment of the Business Combination. Since
no such representation or opinion is provided, and no assurances are given to stockholders that a tax opinion could be obtained at any
comfort level (whether at a &ldquo;should,&rdquo; &ldquo;more likely than not&rdquo; or any other level), SAC and ASI believe there is
no requirement to file a related Exhibit&nbsp;8 tax opinion. SAC and ASI respectfully submit that the Business Combination is like any
other transaction with respect to which no representation as to tax consequences is set forth in the relevant filing (or a transaction
that is fully taxable) and with respect to which no Exhibit&nbsp;8 tax opinion is required to be filed. We have, however, revised the
disclosure on page 101 of the Revised Registration Statement to provide risk factor disclosure related to the tax treatment of the
Business Combination.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
14</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Unaudited Pro Forma Condensed
Combined Financial Information</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>1. Basis of Pro Forma Presentation,
page&nbsp;223</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>36.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            tell us how you determined that the conversion of 11,500,000 SAC Public Warrants into 1,150,000
                                            shares of SAC Class&nbsp;A Common Stock is probable when calculating your pro forma shares
                                            outstanding.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
SAC and ASI respectfully advise the Staff that based on initial feedback received by Oppenheimer from active SPAC-focused investors holding
SAC Public Warrants as well as Oppenheimer&rsquo;s experience as a dealer manager in multiple warrant exchange transactions for de-SPAC
companies, Oppenheimer has advised SAC that the current proposed exchange ratio of 0.1 share of SAC Class&nbsp;A Common Stock per SAC
Public Warrant is appropriate and reasonably likely to enable SAC to obtain the Warrantholder Approval. As of the date of filing of the
Revised Registration Statement, however, SAC has not yet received binding commitments from holders of SAC Public Warrants to vote in
favor of the Warrant Amendment Proposal. Accordingly, SAC and ASI have revised the disclosure on pages&nbsp;45-50, 186-191 and 251-254
of the Revised Registration Statement to present both a Warrant Conversion Scenario and a No Warrant Conversion Scenario.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Pro Forma Other Transaction Accounting
Adjustments, footnote (l), page&nbsp;227</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>37.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            tell us how the additional pro forma information provided in this footnote complies with
                                            Article&nbsp;11 of Regulation S-X.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
SAC and ASI respectfully advise the Staff that this footnote has been removed from the Revised Registration Statement. The Revised Registration
Statement has been revised to include two scenarios regarding the pro forma treatment of the SAC Public Warrants upon the Closing:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>No
                                            Warrant Conversion Scenario:</I></B> This scenario, which is referred to as the &ldquo;No
                                            Warrant Conversion Scenario,&rdquo; assumes that a majority of the holders of SAC Public
                                            Warrants do not approve the Warrant Amendment Proposal to have each SAC Public Warrant convert
                                            into 0.1 shares of SAC Class&nbsp;A Common Stock in connection with the Closing.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Warrant
                                            Conversion Scenario:</I></B> This scenario, which is referred to as the &ldquo;Warrant Conversion
                                            Scenario,&rdquo; assumes that a majority of the holders of SAC Public Warrants approve the
                                            Warrant Amendment Proposal to have each SAC Public Warrant convert into 0.1 shares of SAC
                                            Class&nbsp;A Common Stock in connection with the Closing.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
15</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Presenting
each of these possible scenarios is in accordance with Regulation S-X Article&nbsp;11-02(a)(10), as the transaction is structured in
such a manner that significantly different results may occur (i.e., no conversion of SAC Public Warrants or conversion of all SAC Public
Warrants). SAC and ASI have provided presentations depicting pro forma information for both the No Warrant Conversion Scenario and the
Warrant Conversion Scenario (the &ldquo;range of possible results,&rdquo; as such terminology is used in Regulation S-X Article&nbsp;11-02(a)(10))
within the pro forma condensed combined balance sheet as of September&nbsp;30, 2024 and the pro forma condensed combined statements of
operations for the nine months ended September&nbsp;30, 2024 and for the year ended December&nbsp;31, 2023 as well as within certain
other sections within the Revised Registration Statement. Please refer to pages&nbsp;238-268 for the section entitled &ldquo;<I>Unaudited
Pro Forma Condensed Combined Financial Information</I>&rdquo; for the presentation of the two scenarios in the unaudited pro forma condensed
combined balance sheet and in the unaudited pro forma condensed combined statements of operations and please refer throughout the Revised
Registration Statement for additional presentations of the No Warrant Conversion Scenario and Warrant Conversion Scenario in other sections.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Information about ASI, page&nbsp;264</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>38.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Explain
                                            how &ldquo;implementation of [ASI&rsquo;s] bitcoin reserve is intended to support ASI&rsquo;s
                                            mission-driven approach.&rdquo; And explain how the bitcoin treasury operates as a &ldquo;forprofit
                                            &lsquo;endowment for the arts&rsquo; based on the bitcoin standard that seeks to build a
                                            financial foundation to fund the world&rsquo;s best filmmakers to produce stories...&rdquo;
                                            Explain what you mean by the &ldquo;bitcoin standard&rdquo; and &ldquo;for-profit endowment.&rdquo;
                                            Considering you recorded a gain on the sale of a portion of your digital assets earlier this
                                            year, explain how you used such proceeds to &ldquo;build a financial foundation.&rdquo; Explain
                                            your plans with respect your ownership of bitcoin, given that you state in your periodic
                                            reports that your ability to sell your digital assets, among other things, could assist in
                                            meeting your operating cash flow requirements.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;36, 300 and 311 of the Revised Registration
Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>39.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Throughout
                                            your proxy statement/prospectus, consistently state the amount of bitcoin that you own as
                                            of the most recent balance sheet date, as you make references to 125 and 300 bitcoin depending
                                            upon the context of the disclosure.</B></FONT></TD></TR></TABLE>

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

<P STYLE="text-align: left; 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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure throughout the Revised Registration Statement to reflect
that as of September&nbsp;30, 2025, ASI held an aggregate of approximately 141.6 bitcoins.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
16</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Our
Product and/or Services, page&nbsp;267</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top"><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>40.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>This
                                            discussion does not appear to have been updated to reflect material products and services
                                            of your business for the most recent fiscal year, such as quantitative information around
                                            the number of theatrical releases overall and qualitative information about projects completed
                                            and underway. Revise to provide additional disclosure, rather than state that &ldquo;you
                                            have produced and filmed hundred of original comedy specials from various up-and-coming comedians.
                                            We have also licensed several motion pictures for exclusive theatrical and digital distribution.&rdquo;
                                            Similarly, you highlight the termination of the distribution of The Chosen, however, you
                                            have not disclosed any other material distribution arrangements.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;304-306 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ASI&rsquo;s
Management&rsquo;s Discussion and Analysis of Financial Condition and Results of </U></B></FONT><B><U><FONT STYLE="font-size: 10pt">Operations<BR>
Results of Operations, page&nbsp;275</FONT></U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>41.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            provide your analysis of your results of operations and cash flows for the year ended December&nbsp;31,
                                            2023 compared to 2022. Refer to Item 303(b)&nbsp;of Regulation S-K.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;312-317 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>42.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            your discussion of the interim changes in the various operating expense line items, you identify
                                            multiple factors for changes without quantifying the impact of each. Please revise to quantify
                                            the change for each of the factors that you cite. Refer to Item 303(b)&nbsp;of Regulation
                                            S-K.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;313-315 of the Revised Registration
Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>43.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            provide a table that separately lists all sources of revenues for each period presented (Digital
                                            and Physical Media Revenue, Pay-it-forward Revenue, Angel Guild, Theatrical Release Revenue,
                                            Content Licensing, and Other revenue). See Item 303(b)&nbsp;of Regulation S-K.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;313 and 314 of the Revised Registration
Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Trends and Key Factors Affecting
Our Performance, page&nbsp;279</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>44.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            to disclose the metrics and key performance indicators considered material to an understanding
                                            of ASI&rsquo;s business. In this regard, disclose the number of Angel Guild memberships as
                                            of a current date and provide historical information for comparable periods, with a view
                                            to understanding its growth. Provide similar data about other metrics you track, such as
                                            distribution partners, MAUs, app installs or similar metrics.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><U>Response</U>: In response
to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages 318-319 of the Revised Registration Statement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
17</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Beneficial Ownership of Securities,
page&nbsp;293</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>45.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>For
                                            each entity disclosed in this section, please revise to identify the natural person(s)&nbsp;that
                                            hold voting and/or dispositive power, as well as their percent voting power, of the relevant
                                            shares.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages 332-343 of the Revised Registration
Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>46.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            to disclose the beneficial ownership of ASI as of a current date before the consummation
                                            of the Business Combination.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;334-335 of the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Certain Relationships and Related
Person Transactions, page&nbsp;298</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>47.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise to indicate whether the transactions discussed in this section include each applicable
                                            transaction up to the date of the prospectus. If not, please revise to discuss any applicable
                                            transactions.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;344-349 of the Revised Registration Statement.
SAC and ASI confirm that this section includes all related party transactions up to the date of the Revised Registration Statement, and
will further update this section as needed in future filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><B><U>Angel
Studios,&nbsp;Inc.</U></B></FONT><B><U><FONT STYLE="font-size: 10pt"><BR>
1. Description of Organization and Summary of Significant Accounting Policies<BR>
Content Licensing, page&nbsp;F-71</FONT></U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>48.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            disclose the significant payment terms (for example, when payment is typically due) for your
                                            content licensing arrangements and clarify if an allowance for doubtful accounts is recorded.
                                            Refer to ASC 606-10-50-12.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;F-62-F-64 and F-77-F-81 of the Revised
Registration Statement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
18</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-size: 10pt"><B><U>General</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>49.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Please
                                            revise, where applicable, to discuss the general character of the Sponsor&rsquo;s business
                                            and describe the experience of the Sponsor, its affiliates, and any promoters in organizing
                                            special purpose acquisition companies and the extent to which the Sponsor, its affiliates,
                                            and the promoters are involved in other special purpose acquisition companies. Refer to Items
                                            1603(a)(2)&nbsp;and (3)&nbsp;of Regulation S-K.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;34-35 and 271-272 of the Revised Registration
Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>50.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>To
                                            the extent applicable, please revise to include the disclosure required by Item 1603(a)(9)&nbsp;of
                                            Regulation S-K for each class of securities, where appropriate. Where there are restrictions
                                            on transfer, please provide this disclosure in tabular format.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;287-292 of the Revised Registration Statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>51.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Throughout
                                            the prospectus, where you discuss your dual-class structure and your status as a &ldquo;controlled
                                            company&rdquo; due to a majority of voting power held by a single shareholder, please identify
                                            the shareholder and disclose the percentage of voting power over matters requiring shareholder
                                            approval.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;52, 71, 99-100, 128-129, 206 and 227
of the Revised Registration Statement.</FONT></P>

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

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<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>52.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>To
                                            the extent applicable, where you discuss compensation that has been or will be awarded to,
                                            earned by, or paid to the Sponsor, its affiliates, and any promoters, or the amount of securities
                                            issued or to be issued by SAC to the Sponsor, its affiliates or promoters, or reimbursements
                                            to be paid to such parties, please clearly disaggregate the nature and amount of compensation
                                            and reimbursements by individual party. Ensure that the disclosure is clear and explains
                                            any circumstances or arrangements under which the Sponsor, its affiliates, and promoters,
                                            directly or indirectly, have transferred or could transfer ownership of securities of SAC,
                                            or that have resulted or could result in the surrender or cancellation of such securities.
                                            Refer to Item 1603(a)(6)&nbsp;of Regulation S-K.</B></FONT></TD></TR></TABLE>

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<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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure on pages&nbsp;56-59 and 191-193 of the Revised Registration
Statement.</FONT></P>

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<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"><FONT STYLE="font-size: 10pt">U.S. Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
19</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>53.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>In
                                            connection with the investor presentation dated and filed on Form&nbsp;8-K on September&nbsp;11,
                                            2024, please address the following:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revise
                                            your slide deck to provide box office and TV&nbsp;&amp; streaming revenues and &ldquo;Financial
                                            Overview&rdquo; information for 2024, rather than solely highlighting your favorable results
                                            from 2023;</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Where
                                            you discuss your slate of movies, clarify those that are theatrical vs. TV&nbsp;&amp; streaming
                                            releases, given the different amounts of revenue you may earn;</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Clarify
                                            why you refer to the &ldquo;Angel Treasury&rdquo; as a foundation, when it appears that your
                                            digital assets are held by you;</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Clarify
                                            why you refer to the Microstrategy case study and otherwise indicate an intent to hold bitcoin
                                            you acquire when your periodic reports disclose that you may sell your digital assets to
                                            support operating cash flow; and</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Provide
                                            support for data you present in support of the Angel Waterfall Alignment.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><U>Response</U></FONT><FONT STYLE="font-size: 10pt">:
In response to the Staff&rsquo;s comment, SAC and ASI have revised the disclosure in the Investor Presentation, dated February&nbsp;14,
2025, attached as exhibit 99.9 to the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;*</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;14, 2025</FONT></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">Page
20</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If you have any
questions regarding this letter, please do not hesitate to contact SAC&rsquo;s legal counsel, Matthew M. Guest at (212) 403-1341 or by
email at MGuest@wlrk.com, or Raaj S. Narayan at (212) 403-1349 or by email at RSNarayan@wlrk.com, or ASI&rsquo;s legal counsel, Mark
Bonham at (801) 907-2702 or by email at MBonham@mayerbrown.com or Brian Hirshberg at (212) 506-2176 or by email at BHirshberg@mayerbrown.com.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Jeb Spencer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Jeb Spencer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer, Southport Acquisition
    Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Neal S. Harmon</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Neal S. Harmon</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer, Angel Studios,&nbsp;Inc.</FONT></TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">cc:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Matthew
                                            M. Guest, Wachtell, Lipton, Rosen&nbsp;&amp; Katz<BR>
                                            Raaj S. Narayan, Wachtell, Lipton, Rosen&nbsp;&amp; Katz<BR>
                                            Mark Bonham, Mayer Brown LLP<BR>
                                            Brian Hirshberg, Mayer Brown LLP</FONT></TD></TR></TABLE>

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