<SEC-DOCUMENT>0001213900-23-076201.txt : 20231017
<SEC-HEADER>0001213900-23-076201.hdr.sgml : 20231017
<ACCEPTANCE-DATETIME>20230912212414
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-23-076201
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Falcon's Beyond Global, Inc.
		CENTRAL INDEX KEY:			0001937987
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6996 PIAZZA GRANDE AVENUE
		STREET 2:		SUITE 301
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
		BUSINESS PHONE:		407-909-9350

	MAIL ADDRESS:	
		STREET 1:		6996 PIAZZA GRANDE AVENUE
		STREET 2:		SUITE 301
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Falcons Beyond Global, Inc.
		DATE OF NAME CHANGE:	20220713
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 51%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="image_001.jpg" ALT=""></B></FONT></TD></TR>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 12, 2023</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States Securities and Exchange Commission</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Trade &amp; Services</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street NE<BR>
    Washington, D.C. 20549</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Taylor Beech and Dietrich King &nbsp;</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="image_002.jpg" ALT=""></B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Falcon&rsquo;s Beyond Global, Inc.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Amendment No. 4 to Registration Statement on
Form S-4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Filed September 1, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Amendment No. 5 to Registration Statement on
Form S-4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Filed September 5, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>File No. 333-269778</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Beech and Mr. King:</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; text-align: justify; text-indent: 0.5in">On behalf of our client, Falcon&rsquo;s
Beyond Global, Inc., a Delaware corporation (the &ldquo;<U>Compan</U>y&rdquo; or &ldquo;<U>Falcon&rsquo;s</U>&rdquo;), we are writing
to submit the Company&rsquo;s responses to the comments of the staff of the Division of Corporation Finance (the &ldquo;<U>Staff</U>&rdquo;)
of the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) contained in the Staff&rsquo;s letter dated
September 11, 2023 (the &ldquo;<U>Comment Letter</U>&rdquo;), with respect to the above-referenced Registration Statement on Form S-4,
filed on September 1, 2023 (the &ldquo;<U>Re</U>g<U>istration Statement</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed via
EDGAR Amendment No. 6 to the Registration Statement (&ldquo;<U>Amendment No. 6</U>&rdquo;), which reflects the Company&rsquo;s responses
to the comments received by the Staff and certain updated information. For ease of reference, each comment contained in the Comment Letter
is printed below in bold and is followed by the Company&rsquo;s response. All page references in the responses set forth below refer to
page numbers in Amendment No. 6. Capitalized terms used but not defined herein have the meanings set forth in Amendment No. 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Amendment No. 4 to Registration Statement on Form S-4 </U></B></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; text-align: justify"><B><U>Description of the Strategic Investment,
page 80</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Your disclosure indicates that following the strategic
investment, management concluded that the Company does not control FCG LLC and therefore it is deconsolidated and is accounted for as
an equity investment in the Company&rsquo;s consolidated financial statements. Given the Company&rsquo;s 75% equity interest in FCG LLC, please explain
why the Company does not believe that it controls FCG LLC.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: As discussed with the
Staff, the Company has revised the disclosure on page 81 of Amendment No 6 to address the Staff&rsquo;s comment. The Company further advises
the Staff to see the response to Comment No. 4 below.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to Unaudited Pro Forma Condensed Combined Financial Statements
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Transaction Accounting Adjustments to Unaudited Pro Forma Condensed
Combined Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>of Operations for the Strategic Investment, page 90</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Refer to adjustment (5) - Please explain in further detail
how you calculated or determined the Company&rsquo;s share of the losses on the Company&rsquo;s equity method investment in FCG LLC.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The Company determined
its share of the losses on the Company&rsquo;s equity method investment in FCG LLC in accordance with Accounting Standards Codification
(&ldquo;ASC&rdquo;) Topic 323, <I>Investments &ndash; Equity Method and Joint Ventures</I> (&ldquo;ASC 323&rdquo;) and pursuant to the
provisions of the third amended and restated limited liability company agreement of FCG LLC (the &ldquo;FCG A&amp;R LLCA&rdquo;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company calculated its share of
the losses on the Company&rsquo;s equity method investment in FCG LLC for the six months ended June 30, 2023 and year ended December 31, 2022
based on its share of the historical losses for those periods, as determined in accordance with the FCG A&amp;R LLCA, and adjusted to
give pro forma effect for the impact of the Preferred Return payable to the holders of the preferred units in FCG LLC, as if the Strategic
Investment had been consummated on January 1, 2022, the beginning of the earliest period presented.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Specifically, Section 3.9 of, and the
definitions of &ldquo;Initial Investment Amount&rdquo;, &ldquo;Investment Amount&rdquo;, &ldquo;Preferred Liquidation Preference&rdquo;
and &ldquo;Preferred Return&rdquo; in, the FCG A&amp;R LLCA provide as follow:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><I>&ldquo;Section 3.9 Redemption</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><I>At any time and from time to time
after a Redemption Commencement Date, QIC may elect, in its sole discretion, to require the [FCG LLC] to redeem any or all of the outstanding
Preferred Units for the Preferred Liquidation Preference of such Preferred Units as of the Redemption Date (as defined below) (the &ldquo;Redemption
Amount&rdquo;). </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Initial Investment Amount</I>&rdquo;
means the $30,000,000 investment by QIC into the [FCG LLC] pursuant to the Subscription Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<I>Investment Amount</I>&rdquo;
means the Initial Investment Amount, as reduced from time to time to take into account any distributions, redemptions, return of capital
or other payments (other than distributions pursuant to the Preferred Return, including pursuant to&nbsp;<U>Section 4.2(a)(i)</U>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><I>&ldquo;Preferred Liquidation Preference&rdquo;
means, an amount equal to (a) the Investment Amount, plus (b) the Preferred Return.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><I>&ldquo;Preferred Return&rdquo; means
an amount necessary to result in a rate of return of 9% per annum, compounding annually on the Outstanding Units Investment Amount and
accruing from the date hereof, as adjusted from time to time to take into account any distributions, return of capital or other payments.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Pursuant to these provisions, QIC is
entitled to a redemption amount of the initial $30 million investment plus the Preferred Return. As a result, QIC does not absorb losses
from FCG LLC that would cause its investment to drop below the Preferred Liquidation Preference amount and any losses not absorbed by
QIC are fully allocated to the Company. The Company considered ASC 970-323-17 by analogy and determined that this allocation of earnings
and losses is substantive as it best represents cash distributions over the life of FCG LLC and on its potential liquidation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s share of the losses
on the Company&rsquo;s equity method investment in FCG LLC in adjustment (5) does not include the amortization of the basis difference
of the Company&rsquo;s equity method investment in FCG LLC related to unrecognized customer relationship intangible assets, which has
been reflected separately in adjustment (6) of Note 3 to the Unaudited Pro Forma Condensed Combined Financial Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company further advises the Staff
that it has revised the footnote disclosure describing adjustment (5) on page 90 of Amendment No. 6 to address the Staff&rsquo;s comment.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Refer to adjustment (6) - Please revise to disclose the
amount of the basis difference of the Company&rsquo;s equity investment in FCG LLC which is being amortized over a useful life of five years.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: As discussed with the
Staff, the Company has revised the disclosure on page 90 of Amendment No. 6 to address the Staff&rsquo;s comment; and respectfully advises
the Staff that the basis difference of the Company&rsquo;s equity investment in FCG LLC is an intangible asset related to customer relationships
of approximately $17 million.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Falcon&rsquo;s Beyond Global, LLC Interim Financial Statements </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to the Condensed Consolidated Financial Statements (Unaudited)
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>12. Subsequent Events, page F-165</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Your disclosure indicates that as of July 27, 2023, FCG
LLC is deconsolidated and accounted for as an equity method investment in the Company&rsquo;s consolidated financial statements due to consent
rights granted to QIC that are determined to be significant participating rights. Please explain in further detail the nature of the
consent rights that have been granted to QIC and explain in further detail why you believe deconsolidation is appropriate as a result
of these rights given your 75% equity interest in this entity.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: As discussed with the
Staff, the Company has evaluated the rights granted to QIC within the FCG A&amp;R LLC Agreement. Specifically, the following have been
determined to be substantive participating rights:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&ldquo;Section 7.6 Approval Matters</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>(e) QIC Consent Rights. Until such
date that QIC holds less than 25% of the Preferred Units it held as of the Effective Date, without the prior consent of QIC, the Company
shall not, and shall cause each other Group Company not to (or, in the case of Section 7.6(e)(ii), (xiii), (xxiv) and (xxv) FBG shall
not, and shall cause the Company Parent Entities not to):</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><I>. . . </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>(x) effect any investment, acquisition,
joint venture, strategic partnership or similar arrangement, in each case, in which such transaction(s) or series of related transactions
has an aggregate transaction value in excess of $1,000,000 over the course of any calendar year;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>(xi) approve any project or other customer
arrangement that would, individually or in the aggregate, interfere with the QIC Priority Commitment, including entry into an agreement
that commits the services of the Group Companies or any employee thereof to be rendered on an exclusive or &ldquo;priority&rdquo; basis
to a third-party for any period of time;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">. . .</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>(xvi) incur any indebtedness for borrowed
money in excess of $1,000,000;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">. . .</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>(xx) approve, amend, deviate from or
alter the Budget and Business Plan of the Company, in each case, unless approved by the Board (including the QIC Manager);&rdquo;</I></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A summary of the consent rights granted
to QIC is disclosed on pages 208 through 210 of Amendment No. 6.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company first considered whether
FCG LLC is a variable interest entity by evaluating the three conditions in ASC 810-10-15-14. The Company determined that FCG LLC does
not meet any one of these criteria to be a variable interest entity. As a result, the Company considered the guidance applicable to voting
interest model entities in ASC 810-10-15-10, which presents exceptions to consolidation by a reporting entity holding a majority of voting
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Company next considered the guidance
in ASC 810-10-25-1 which states (<B>emphasis</B> added):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">For legal entities other than limited
partnerships, consolidation is appropriate if a reporting entity has a controlling financial interest in another entity and a specific
scope exception does not apply (see Section 810-10-15). <B>The usual condition for a controlling financial interest is ownership of a
majority voting interest, but in some circumstances control does not rest with the majority owner.</B>&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company then evaluated the definitions
in ASC 810-10-20 and the guidance in ASC 810-10-25 regarding participating rights. Specifically, the Company considered the ASC 810-20
glossary definition of a participating right for a voting interest entity which states:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">Participating rights allow the limited
partners or noncontrolling shareholders to block or participate in certain significant financial and operating decisions of the limited
partnership or corporation that are made in the ordinary course of business. Participating rights do not require the holders of such rights
to have the ability to initiate actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">For further analysis, the Company considered
the guidance in ASC 810-10-25-2 and ASC 810-10-25-5 which states <B>(emphasis</B> added):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 0.5in">25-2 Paragraph 810-10-15-10(a)(1)(iv)
explains that, in some instances, the powers of a shareholder with a majority voting interest or limited partner with a majority of kick-out
rights through voting interests to control the operations or assets of the investee are restricted in certain respects by approval or
veto rights granted to the noncontrolling shareholder or limited partner (referred to as noncontrolling rights). That paragraph also explains
that, in paragraphs 810-10-25-2 through 25-14, the term noncontrolling shareholder refers to one or more noncontrolling shareholders and
the terms limited partner and general partner refer to one or more limited or general partners. <B>Paragraph 810-10-15-10(a)(1)(iv) explains
that those noncontrolling rights may have little or no impact on the ability of a shareholder with a majority voting interest or limited
partner with a majority of kick-out rights through voting interests to control the investee&rsquo;s operations or assets, or, alternatively,
those rights may be so restrictive as to call into question whether control rests with the majority owner.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt">25-5 The assessment
of whether the rights of a noncontrolling shareholder or limited partner should overcome the presumption of consolidation by the investor
with a majority voting interest or limited partner with a majority of kick-out rights through voting interests in its investee is a matter
of judgment that depends on facts and circumstances. <B>The framework in which such facts and circumstances are judged shall be based
on whether the noncontrolling rights, individually or in the aggregate, allow the noncontrolling shareholder or limited partner to effectively
participate in certain significant financial and operating decisions of the investee that are made in the ordinary course of business.
Effective participation means the ability to block significant decisions proposed by the investor who has a majority voting interest
</B>or the general partner. <B>That is, control does not rest with the majority owner because the investor with the majority voting interest
cannot cause the investee to take an action that is significant in the ordinary course of business if it has been vetoed by the noncontrolling
shareholder</B>. Similarly, for limited partnerships, control does not rest with the limited partner with the majority of kick-out rights
through voting interests if the limited partner cannot cause the general partner to take an action that is significant in the ordinary
course of business if it has been vetoed by other limited partners. This assessment of noncontrolling rights shall be made at the time
a majority voting interest or a majority of kick-out rights through voting interests is obtained and shall be reassessed if there is
a significant change to the terms or in the exercisability of the rights of the noncontrolling shareholder or limited partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Additionally, the Company considered
ASC 810-10-25-11 which states (<B>emphasis</B> added):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">Noncontrolling rights (whether granted
by contract or by law) that would <B>allow the noncontrolling shareholder or limited partner to effectively participate in either of the
following corporate</B> or partnership actions shall be considered substantive participating rights and would overcome the presumption
that the investor with a majority voting interest or limited partner with a majority of kick-out rights through voting interests shall
consolidate its investee. The following list is illustrative of substantive participating rights, but is not necessarily all-inclusive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 108pt; text-align: justify">a Selecting, terminating, and setting
the compensation of management responsible for implementing the investee&rsquo;s policies and procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 108pt; text-align: justify">b <B>Establishing operating and capital
decisions of the investee, including budgets, in the ordinary course of business</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Finally, the Company considered the guidance
in ASC 810-10-55-1 which provides implementation guidance for rights held by a noncontrolling shareholder and states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">Examples of how to assess individual
noncontrolling rights facilitate the understanding of how to assess whether the rights of the noncontrolling shareholder or limited partner
should be considered protective or participating and, if participating, whether the rights are substantive. An assessment is relevant
for determining whether noncontrolling rights overcome the presumption of control by the majority shareholder or limited partner with
a majority of kick-out rights through voting interests in an entity under the General Subsections of this Subtopic. Although the following
examples illustrate the assessment of participating rights or protective rights, the evaluation should consider all of the factors identified
in paragraph 810-10-25-13 to determine whether the noncontrolling rights, individually or in the aggregate, provide for the holders of
those rights to effectively participate in certain significant financial and operating decisions that are made in the ordinary course
of business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify">The rights of the noncontrolling shareholder or limited partner relating to the approval of acquisitions
and dispositions of assets that are expected to be undertaken in the ordinary course of business may be substantive participating rights.
Rights related only to acquisitions that are not expected to be undertaken in the ordinary course of the investee&rsquo;s existing business
usually are protective and would not overcome the presumption of consolidation by the investor with a majority voting interest or limited
partner with a majority of kick-out rights through voting interests in its investee. Whether a right to approve the acquisition or disposition
of assets is in the ordinary course of business should be based on an evaluation of the relevant facts and circumstances. In addition,
if approval by the shareholder or limited partner is necessary to incur additional indebtedness to finance an acquisition that is not
in the investee&rsquo;s ordinary course of business, then the approval by the noncontrolling shareholder or limited partner would be considered
a protective right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">Existing facts and circumstances should be considered in assessing whether the rights of the noncontrolling
shareholder or limited partner relating to an investee&rsquo;s incurring additional indebtedness are protective or participating rights. For
example, if it is reasonably possible or probable that the investee will need to incur the level of borrowings that requires noncontrolling
shareholder or limited partner approval in its ordinary course of business, the rights of the noncontrolling shareholder or limited partner
would be viewed as substantive participating rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">The rights of the noncontrolling shareholder or limited partner relating to dividends or other distributions
may be protective or participating and should be assessed in light of the available facts and circumstances. For example, rights to block
customary or expected dividends or other distributions may be substantive participating rights, while rights to block extraordinary distributions
would be protective rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">d.</TD><TD STYLE="text-align: justify">The rights of the noncontrolling shareholder or limited partner relating to an investee&rsquo;s specific action
(for example, to lease property) in an existing business may be protective or participating and should be assessed in light of the available
facts and circumstances. For example, if the investee had the ability to purchase, rather than lease, the property without requiring approval
of the noncontrolling shareholder or limited partner, then the rights of the noncontrolling shareholder or limited partner to block the
investee from entering into a lease would not be substantive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">e.</TD><TD STYLE="text-align: justify">The rights of the noncontrolling shareholder or limited partner relating to an investee&rsquo;s negotiation
of collective bargaining agreements with unions may be protective or participating and should be assessed in light of the available facts
and circumstances. For example, if an investee does not have a collective bargaining agreement with a union or if the union does not represent
a substantial portion of the investee&rsquo;s work force, then the rights of the noncontrolling shareholder or limited partner to approve or
veto a new or broader collective bargaining agreement are not substantive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">f.</TD><TD STYLE="text-align: justify">Provisions that govern what will occur if the noncontrolling shareholder or limited partner blocks the
action of an owner of a majority voting interest or general partner need to be considered to determine whether the right of the noncontrolling
shareholder or limited partner to block the action has substance. For example, if the shareholder or partnership agreement provides that
if the noncontrolling shareholder or limited partner blocks the approval of an operating budget, then the budget simply defaults to last
year&rsquo;s budget adjusted for inflation, and if the investee is a mature business for which year-to-year operating budgets would not be expected
to vary significantly, then the rights of the noncontrolling shareholder or limited partner to block the approval of the operating budget
do not allow the noncontrolling shareholder or limited partner to effectively participate and are not substantive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">g.</TD><TD STYLE="text-align: justify">Noncontrolling rights relating to the initiation or resolution of a lawsuit may be considered protective
or participating depending on the available facts and circumstances. For example, if lawsuits are a part of the entity&rsquo;s ordinary course
of business, as is the case for some patent-holding companies and other entities, then the noncontrolling rights may be considered substantive
participating rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">h.</TD><TD STYLE="text-align: justify">A noncontrolling shareholder or limited partner has the right to veto the annual operating budget for
the first X years of the relationship. Based on the facts and circumstances, during the first X years of the relationship this right may
be a substantive participating right. However, following Year X there is a significant change in the exercisability of the noncontrolling
right (for example, the veto right terminates). As of the beginning of the period following Year X, that right would no longer be a substantive
participating right and would not overcome the presumption of consolidation by the investor with a majority voting interest or limited
partner with a majority of kick-out rights through voting interests in its investee.</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In its evaluation, in consideration
of the above guidance, the Company determined that FCG LLC expects to make investments as contemplated in <I>(x)</I> in excess of $1,000,000
in the ordinary course of business and such a decision is a significant operating decision of FCG LLC<I>. </I>The right granted by <I>(xi)
</I>is sufficiently broad that such a right would be a significant operating decision of FCG LLC and the Company also cannot objectively
determine that the probability of interference with the QIC Priority Commitment is remote. The Company determined that the probability
that FCG LLC will incur indebtedness in excess of $1,000,000 as contemplated by <I>(xvi)</I> is a significant financial decision of FCG
LLC and is not remote. QIC Manager approval is required on the budget and business plan of the company per <I>(xx), </I>including further
amendments or deviations. Together these clauses give QIC the right to participate in significant financial and operating decisions of
FCG LLC, including budgets, in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">As these rights allow QIC to effectively
participate in certain significant financial and operating decisions of FCG LLC that are made in FCG LLC&rsquo;s ordinary course of business,
although also protective of QIC&rsquo;s investment, this overcomes the presumption that the Company shall consolidate FCG LLC. While the
Company has a majority ownership in FCG LLC, it does not have a majority voting interest when considering the analysis above. In accordance
with ASC 810-10-40-4, FCG LLC will be deconsolidated as of July 27, 2023, the date the Company ceases to have a controlling financial
interest. As of July 27, 2023 FCG LLC will be accounted for as an equity method investment in the Company&rsquo;s consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company further advises the Staff
that it has revised the Subsequent events note on page F-165 of the Company&rsquo;s unaudited consolidated financial statements for the
six months ended June 30, 2023 and 2022 to address the Staff&rsquo;s comment.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please do not hesitate to contact Joel Rubinstein
(212) 819-7642 or James Hu (212) 819-2505 of White &amp; Case LLP with any questions or comments regarding this letter.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ White &amp; Case LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cecil D. Magpuri, Chief Executive Officer, Falcon&rsquo;s Beyond Global, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt">Joanne Merrill, Chief Financial Officer, Falcon&rsquo;s Beyond
Global, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt">Jonathan Rochwarger, Marie Elena Angulo, White &amp; Case
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt">Stefan G. de Pozsgay, Evan M. D&rsquo;Amico, Gibson, Dunn
&amp; Crutcher LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">6</P>
<P STYLE="margin: 0"></P>

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