<SEC-DOCUMENT>0001213900-23-091169.txt : 20240111
<SEC-HEADER>0001213900-23-091169.hdr.sgml : 20240111
<ACCEPTANCE-DATETIME>20231129200508
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-23-091169
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Falcon's Beyond Global, Inc.
		CENTRAL INDEX KEY:			0001937987
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: right; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 29, 2023</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"><B><U>VIA EDGAR</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">United States Securities and Exchange Commission</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street NE Washington, D.C. 20549</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Kate Beukenkamp and Donald Field &nbsp;</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 35%; font-size: 10pt"><IMG SRC="image_002.jpg" ALT=""></TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 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>Registration Statement on Form S-1 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>File No. 333-275243</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. Beukenkamp and Mr. Field:</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;), 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 November 17, 2023 (the &ldquo;<U>Comment
Letter</U>&rdquo;), with respect to the above-referenced Registration Statement on Form S-1, filed on November 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. 1 to the Registration Statement (the &ldquo;<U>Amended Registration Statement</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 the Amended Registration Statement. Capitalized terms used but not defined herein have the meanings set
forth in the Amended Registration Statement.</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. 1 to Registration Statement on Form S-1 filed on
November 28, 2023</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>Cover Page </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: 0in; 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">We note your discussion here and in your Risk Factors section
disclosing that despite a potential decline in the public trading price of your securities, &ldquo;some of the selling securityholders
may still experience a positive rate of return on the securities they purchased due to the price at which such selling securityholder
initially purchased the securities.&rdquo; We also note the examples provided to illustrate the rate of return based on the current trading
price in relation to the purchase price of certain securities by certain selling securityholders. Please disclose the potential profit
all groups of selling securityholders will earn based on the current trading price. In this regard, we note that the current trading
price appears to be higher than the purchase price for all selling securityholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify"><U>Response</U>: The Company has
revised the disclosure on the cover page and pages 8 to 11 and 13 of the Amended Registration Statement to address the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; 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>We note the significant number of redemptions of your
Class A Common Stock in connection with your Business Combination and the various extensions of the expiration of the period in which
the company had to consummate the Business Combination and that the shares being registered for resale will constitute a considerable
percentage of your public float. Please revise your disclosure here and where appropriate to disclose the amount of shares being registered
as a percentage of your public float. In this regard, we note that you have disclosed the percentage in comparison to the number of shares
outstanding (not in comparison to your public float).</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 has revised the disclosure on the cover page and pages
8, 11, 107 and 130 of the Amended Registration Statement to address the Staff&rsquo;s comment.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Related to this Offering by the Selling Securityholders
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Sales of a substantial number of our securities in the public
market..., page 9 </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: 0in; 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>Please revise this risk factor to disclose the percentages
that these shares currently represent of the total number of shares outstanding and of your public float. We note your disclosure on
the cover page, for example, stating that the selling securityholders can sell, under this prospectus approximately 97% of your outstanding
shares of common stock, 34% of your outstanding warrants and 220% of your outstanding Series A Preferred Stock.</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; text-indent: 0in"><U>Response</U>: The Company has revised the disclosure on page 11 of the Amended Registration
Statement 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; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management&rsquo;s Discussion and Analysis of Financial Condition...</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Overview of the Company, page 103 </U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; 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>Please expand your discussion here to reflect the fact
that this offering involves the potential sale of a substantial portion of shares for resale and discuss how such sales could impact
the market price of the company&rsquo;s common stock. Your discussion should highlight the fact that CilMar Ventures, LLC, FAST Sponsor
II, LLC, Infinite Acquisitions Partners LLC and Katmandu Ventures, LLC will be able to sell all of their shares for so long as the registration
statement of which this prospectus forms a part is available for use.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><U>Response</U>: The Company has revised the disclosure on the cover page and pages
11, 107 and 162 of the Amended Registration Statement to address the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Please do not hesitate to
contact Joel L. Rubinstein (212) 819-7642 or Jonathan P. Rochwarger (212) 819-7643 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>
</TABLE>

<P STYLE="margin: 0">&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%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ White &amp; Case LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; 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: 0.5in"><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 0pt 0pt 0.5in">Joanne Merrill, Chief Financial Officer, Falcon&rsquo;s Beyond
Global, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">Marie Elena Angulo, White &amp; Case LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">&nbsp;</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">3</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  E +T# 2(  A$! Q$!_\0
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444P C)]*7WHHH0^H=J2BBDQ,_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "9 -X# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MVB;MK!0-X/"9+'!W9&,BNH,L#Q(6>-HY<!22"&STQZYI96A@1[B0HBJN7=L
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MO4M9;A8YVVC:?5B0H)Z D@@9Z]J%U2R?4#9?:$,^2NT?W@-Q7/3< <XZXYH
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MLN5M53;\R\_+N F^8<Y>//3C5\0:>]]:0"(2"9+B/#QMM949@DF#_P!<V?\
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M>1XW,A(?9@F,\ _Q#@ 56_LG4[6PG@2R6XENM)BLR8Y%VQ2KYF=Q8@E/WO&
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D !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?__9

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