<SEC-DOCUMENT>0001206774-20-003086.txt : 20201228
<SEC-HEADER>0001206774-20-003086.hdr.sgml : 20201228
<ACCEPTANCE-DATETIME>20201124083013
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001206774-20-003086
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCAT INC
		CENTRAL INDEX KEY:			0000099302
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				160874418
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0328

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624
		BUSINESS PHONE:		5853527777

	MAIL ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSMATION INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<BR>
<DIV align=center>
<IMG border=0 src="trans3834401-correspx1x1.jpg"></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">November 24, 2020</FONT></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT size=2 face="Times New Roman">VIA EDGAR</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">U.S. Securities and Exchange Commission<BR>Division of Corporation Finance<BR>100 F Street, N.E.<BR></FONT><FONT size=2 face="Times New Roman">Washington, D.C. 20549<BR>Attention: Margaret Schwartz</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="99%" noWrap align=left><B><FONT size=2 face="Times New Roman">Transcat, Inc.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="99%" noWrap align=left><B><FONT size=2 face="Times New Roman">Request for Acceleration of Effective Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="99%" noWrap align=left><B><FONT size=2 face="Times New Roman">Registration Statement on Form S-3</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="99%" noWrap align=left><B><FONT size=2 face="Times New Roman">File No. 333-250135</FONT></B></TD></TR></TABLE>


<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Ladies and Gentlemen:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Pursuant to Rule 461 of the Securities Act of 1933, as amended, Transcat, Inc. (the &#8220;Registrant&#8221;) hereby requests that the effective date of the above referenced Registration Statement on Form S-3 filed by the Registrant with the U.S. Securities and Exchange Commission be accelerated so that the same may become effective at 4:30 p.m., Eastern time, on Friday, November 27, 2020, or as soon thereafter as practicable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If you have any questions regarding this request, please contact Kayla E. Klos of Harter Secrest &amp; Emery LLP via telephone at (716) 844-3751 or via email at kklos@hselaw.com.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Very truly yours,</FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR>

   <TD width="33%"></TD>

   <TD width="33%">&nbsp;</TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face="Times New Roman">Transcat, Inc.</FONT></B></TD>

   <TD width="34%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD></TR>

<TR>

   <TD width="33%"></TD>

   <TD width="33%">&nbsp;</TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;/s/ James M. Jenkins</FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">James M. Jenkins</FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">General Counsel and VP of Corporate Development</FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>
<BR>
<HR align=center SIZE=2 width="100%" noShade>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>trans3834401-correspx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 trans3834401-correspx1x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !+ 0D# 2(  A$! Q$!_\0
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MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#Z=_X*6?\
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M'[/U_P#LF?M%^*_AWJE]!J5WX:O!!]MAC:..[1HTE20*22N4D7*Y.#D9-;K
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M+[C[=^.'_!Q_\;/'>I2?\(98^%_ ^E9_<@68U*]/^_)-B,_A$*\TTK_@O/\
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MAOP#$^^,=Z])_:U_;6U_]LS0_A]+XN1[GQ'X,TB;1;G5&DR=50SATD9>SA5
M8_Q'FN2_98^)EM\%_P!IGX>^+KW=]A\,^(]/U6Z"#YC##<QR/CWVAJ[LIP=;
M!98Z4OC2D_5ZM?H<^,Q$:^,Y_LZ?H?TJ_LE_LK^%/V0/@KI7@OPG81VEG8Q[
MKB7K+?7!_P!9-(W5F)Z$]  !P*],((! P#]*S_"?BK3O&?A^RU72;VUU+3M1
MA6YM;JVD$D4\3C<KJPX(((.17-_M _'?P_\ LU_"#7O&OBB]6PT7P]:M=7$K
M<M)C[L:#^)W.%4#DDBOQB3G6JM2UFW\[L^\2C"&FB7Y'RY_P62_;?LOV%_V=
M=1B\*MIUC\2/B"6M=/>%%6XC3:$EO7(&28TPB,QSN*XSL(K^?V[N+C5]0>XN
M9I;RYNY"\DTK;GED9B22>I)8DGZUZ-^UU^U'X@_;"^/7B#QWXAN)Y9=5NF-E
M9O(7CTJV!/E6\?8!5QG'!8L>]?4/_!"G]FSPMX^_:"E^)'CW5O#5AX?\"D-I
M]KJEY%"=0U!@=A"2,,K$/G)_O;!W./UC+L+#)<OE6J>]4W?W:);O^F?%XNO+
M'XE4X:1Z?JV?$_C;P9J7P[\37FBZQ:3Z=J^GL([JUF7;);R8!*,.S#.".QR#
M7WW_ ,&SS,/V[?%I;K_PA-US_P!OUA7R[_P4DUJSUS]OKXNWMG<07MI<>)[Q
MX)X)!)%*OF<,K#((..HKZE_X-H2&_;L\6'G/_"$W7_I=85VYU4E4R:I5EHY0
M3^^QC@8*&.A!=)/]3]-?^"OY\O\ X)O_ !5QNYTM<Y.?^6\=?S<0R!G&[!55
M'\J_I&_X+!@_\.WOBJ.QTM?_ $?%7\W,,?[L_P"Z/Y5XG EOJ52W\QW\1_QH
M^A_1K_P12!_X=A?"95SC^SKC'_@;<5]51ICK7RO_ ,$4/E_X)A_"7_L'W'_I
M9<5]4H2<U^>YDE]<K+^]+\SZ?!O]Q#T7Y  H<\<T8/H*3.6I]<B3ZG01R$Y/
MIBOP1_X.,F(_X**H.P\,:=C_ +^7.:_>^;D$8[<?6OP0_P"#C!E'_!12#>Z+
MGPOIYY8?\]+FOJ.#FO[2U?V9?H>-GUWA-.Z//?\ @B"?^-G_ ,+O^NVH?^FV
MZK]Z_P!K9?\ C$[XE?\ 8J:I_P"D<M?@I_P1#EC?_@J!\+MLD?$^H<;AD_\
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MG-=DY,C^&[7)/J1LP3]:]%\"_#3P_P##+1_[/\.:'H_A^P'_ "ZZ;91VL/\
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MYTB73_BU\1M4L[JUCO;VWE-VFGF*:'+Q2.@#NTJ#+#'4X %=-^P3^S-\7/\
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5!3THC[TZI&-"$$4ZBC ]!3BVP/_9

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