<SEC-DOCUMENT>0001193125-22-143732.txt : 20220712
<SEC-HEADER>0001193125-22-143732.hdr.sgml : 20220712
<ACCEPTANCE-DATETIME>20220506165101
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-143732
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Social Capital Suvretta Holdings Corp. III
		CENTRAL INDEX KEY:			0001850270
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				981586514
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3929 WESTPOINT BLVD.
		STREET 2:		SUITE G
		CITY:			WINSTON-SALEM
		STATE:			NC
		ZIP:			27103
		BUSINESS PHONE:		336-999-7029

	MAIL ADDRESS:	
		STREET 1:		3929 WESTPOINT BLVD.
		STREET 2:		SUITE G
		CITY:			WINSTON-SALEM
		STATE:			NC
		ZIP:			27103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Social Capital Suvretta Holdings Corp. III
		DATE OF NAME CHANGE:	20210310
</SEC-HEADER>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Letterhead of Wachtell, Lipton, Rosen&nbsp;&amp; Katz] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;6, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, Office of
Life Sciences </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Dillon Hagius
and Christine Westbrook </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Social Capital Suvretta Holdings Corp. III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Preliminary Proxy Statement on Schedule 14A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed April 11, 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT
STYLE="white-space:nowrap">No.&nbsp;001-40560</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Hagius and Ms.&nbsp;Westbrook: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby submit the responses of Social Capital Suvretta Holdings Corp. III (the &#147;<U>Company</U>&#148;) to the comments of the staff
(the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) set forth in the Staff&#146;s letter, dated April&nbsp;25, 2022 (the &#147;<U>Comment Letter</U>&#148;), providing the Staff&#146;s comments
with respect to Amendment No.&nbsp;1 (the &#147;<U>First Amendment</U>&#148;) to the Company&#146;s Preliminary Proxy Statement on Schedule 14A (the &#147;<U>Preliminary Proxy Statement</U>&#148;). For the convenience of the Staff, each of the
Staff&#146;s comments is included and is followed by the corresponding response of the Company. Unless the context indicates otherwise, references in this letter to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the delivery of this response letter, the Company is electronically transmitting Amendment No.&nbsp;2 to the Preliminary
Proxy Statement (the &#147;<U>Second Amendment</U>&#148;) for filing under the Securities Exchange Act of 1934, as amended. The Second Amendment includes revisions made in response to the comments of the Staff in the Comment Letter, as well as
additional changes required to update the disclosure contained in the Preliminary Proxy Statement. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Preliminary Proxy Statement, the First
Amendment or the Second Amendment, as applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;1 to Preliminary Proxy Statement on Schedule 14A </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Parties to the Business Combination, page 42 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 6. Please additionally revise to discuss in the proxy statement
summary the going concern opinions provided by SCS&#146;s auditors and ProKidney&#146;s auditors in relation to their respective financial statements, as referenced on pages 74 and 147. Additionally, please disclose in the </B>
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;6, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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summary the amounts outstanding under the promissory notes with Tolerantia and CEC, as disclosed on page 376 in response to comment 30. Please also clarify on page 177 whether these amounts are
included or excluded from the ProKidney preliminary estimated transaction costs of $40.0&nbsp;million. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 46, 76-77 and 187 of the Second Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Business
Combination Proposal, page 43 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 7. Please explain here any significant business or strategic benefit
or detriment resulting from the <FONT STYLE="white-space:nowrap">Up-C</FONT> organizational structure rather than providing only a cross reference to &#147;Risks to the Post-Combination Organizational Structure.&#148;</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 26-27 and 46-47 of the Second
Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SCS&#146;s independent registered public accounting firm&#146;s report contains an explanatory paragraph..., page 147 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosures here that as &#147;of December</B><B></B><B>&nbsp;31, 2021, SCS had $428,189 in its
operating bank accounts and a working capital deficit of $1,057,614.&#148; Please reconcile this with your disclosures on page <FONT STYLE="white-space:nowrap">FS-10</FONT> which state that SCS had $440,488 in its operating bank accounts and working
capital deficit of $935,119.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the
disclosure on page 156 of the Second Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Financial Information </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Unaudited Pro Forma Condensed Combined Financial Information, page 174 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please renumber the notes to the Unaudited Pro Forma Condensed Combined Financial Information as note 2 is
shown twice.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has removed the numbering from
the sub-heading &#147;Basis of Presentation and Accounting Policies&#148; on page 185 of the Second Amendment, which is part of note&nbsp;1 &#147;Description of Transaction.&#148; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>From the subsequent events footnote in the ProKidney LP and Subsidiaries notes to the consolidated financial
statements, we note ProKidney borrowed $20</B><B></B><B>&nbsp;million against these promissory notes subsequent to December</B><B></B><B>&nbsp;31, 2021 in connection with the business combination agreement. Please tell us your consideration for not
including the $20</B><B></B><B>&nbsp;million promissory notes in the unaudited pro forma financial information.</B> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;6, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and respectfully notes
that a transaction adjustment, reflecting amounts drawn under the promissory notes subsequent to December&nbsp;31, 2021, was not reflected in the unaudited condensed pro forma financial statements, as the borrowing and required repayment upon the
Closing would negate each other in the presentation, absent any amounts reflected in the historical consolidated financial statements. The Company expects that, for future periods in which outstanding balances are reflected in the historical
consolidated financial statements and for which unaudited condensed pro forma financial statements are required to be presented, the Company will present a transaction adjustment reflecting the repayment of these promissory notes upon Closing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>3. Transaction Adjustments, page 177 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise footnote (5)</B><B></B><B>&nbsp;to disaggregate, providing more insight, into the significant
items included in the $40</B><B></B><B>&nbsp;million transaction cost.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the
Staff&#146;s comment, the Company has revised the disclosure on page 187 of the Second Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Background to the Business Combination, page 211
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 13 and we reissue the comment in part. Please expand your disclosure
to describe the extent of due diligence or substantive negotiation with the 17 potential targets with which you entered NDAs. As drafted, there is little discussion of the process by which all other potential targets were eliminated during this
period from August to December 2021.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has
revised the disclosure on page 223 of the Second Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 16 and we reissue the comment in part. Please revise to explain the
methodology employed in reaching the valuation, including the underlying assumptions and conclusions of the SCS board. While you disclose on page 214 that the analysis performed to value ProKidney primarily involved a risk/probability adjusted
discounted cash flow analysis of the REACT product, you have not disclosed the &#147;range of probabilities of Phase 3 success&#148; or the &#147;range of Phase 3 data outcomes[.]&#148; As drafted, your disclosure does not provide information
material to understanding how the SCS board arrived at the valuation.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the
Staff&#146;s comment, the Company has revised the disclosure on page 226 of the Second Amendment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;6, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you would like to discuss any of the responses to the Staff&#146;s comments or if you would like to discuss any other matters, please
contact Raaj S. Narayan of Wachtell, Lipton, Rosen&nbsp;&amp; Katz at (212) <FONT STYLE="white-space:nowrap">403-1000.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Sincerely,</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Wachtell, Lipton, Rosen&nbsp;&amp; Katz</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Raaj S. Narayan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Raaj S. Narayan</TD></TR>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chamath Palihapitiya, Chief Executive Officer, Social Capital Suvretta Holdings Corp. III
</P></TD></TR></TABLE>
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