<SEC-DOCUMENT>0001829126-24-004508.txt : 20250210
<SEC-HEADER>0001829126-24-004508.hdr.sgml : 20250210
<ACCEPTANCE-DATETIME>20240701094325
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001829126-24-004508
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K Wave Media Ltd.
		CENTRAL INDEX KEY:			0002000756
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ALLIED TO MOTION PICTURE PRODUCTION [7819]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		16192 COASTAL HIGHWAY
		CITY:			LEWES
		STATE:			DE
		ZIP:			19958
		BUSINESS PHONE:		904 665 3610

	MAIL ADDRESS:	
		STREET 1:		16192 COASTAL HIGHWAY
		CITY:			LEWES
		STATE:			DE
		ZIP:			19958
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps"><B>K
      Wave Media Ltd.</B></FONT><BR><FONT STYLE="font-variant: small-caps"><B>c/o Maples Corporate Services Limited </B></FONT><BR><FONT STYLE="font-variant: small-caps"><B>PO
      Box 309, Ugland House </B></FONT><BR><FONT STYLE="font-variant: small-caps"><B>Grand Cayman, KY1-1104</B></FONT><BR><FONT STYLE="font-variant: small-caps"><B>Cayman
      Islands</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">July 1, 2024</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Via EDGAR</U></B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Division of Corporation Finance</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office of Trade &amp; Services</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. Securities and Exchange Commission</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 F Street, N.E.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Washington, DC 20549</P>
      <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1in; text-align: justify">Attention:</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Rebekah Reed</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Erin Jaskot</TD>
         </TR>
      </TABLE>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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            <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in">&nbsp;</TD>
            <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in">RE:</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">K Wave Media Ltd.</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD>
            <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Amendment No. 1 to Registration Statement on Form F-4</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD>
            <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Filed May&nbsp;13, 2024</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD>
            <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">File No. 333-278221</TD>
         </TR>
      </TABLE>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Ms. Reed and Mr.&nbsp;Jaskot:</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On behalf of K Wave Media Ltd. (&ldquo;<B>K Wave</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;), we are responding to the letter from the staff of the Division of Corporation
         Finance Office of Trade &amp; Services (the &ldquo;<B>Staff</B>&rdquo;) dated June&nbsp;7, 2024 (the &ldquo;<B>Comment Letter</B>&rdquo;) regarding K Wave&rsquo;s Amendment No. 1 to Registration Statement on Form F-4 filed with the Securities and Exchange Commission
         (the &ldquo;<B>SEC</B>&rdquo;) on May&nbsp;13, 2024 (the &ldquo;<B><U>Registration Statement</U></B>&rdquo;). Concurrently with the submission of this letter, the Company is submitting Amendment
         No. 2 to the Registration Statement on Form F-4 (&ldquo;<B><U>Amended Registration Statement</U></B>&rdquo;) via EDGAR to the Commission for review in accordance with the procedures of the
         Commission.</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has responded to all of the Staff&rsquo;s comments by revising the Amended Registration Statement to address the comments,
         by providing an explanation if the Company has not so revised the Amended Registration
         Statement, or by providing supplemental information as requested. The Staff&rsquo;s comments are repeated below in <I>italics </I>and followed by the Company&rsquo;s response. We have included page references to the Amended Registration Statement
         where the language addressing a particular comment appears. Terms used but not otherwise
         defined herein have the meanings set forth in the Amended Registration Statement.
         The changes reflected in the Amended Registration Statement include those made in
         response to the Staff&rsquo;s comments as well as other updates.</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For ease of reference, the text of the Division of Corporation Finance Office of Trade
         &amp; Services&rsquo; comment is included in bold-face type below, followed by K Wave&rsquo;s response.</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Amendment No. 1 to Registration Statement on Form F-4 filed May&nbsp;13, 2024</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary of the Proxy Statement/Prospectus</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>K Enter Holdings, page 18</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. You disclose here and elsewhere that the financial projections in the Second Fairness Opinion are based on the assumption that K Enter acquired the Six Korean Entities
         and the Business Combination closed on or before March&nbsp;31, 2024, and that the delay in the acquisition and closing will reduce PubCo&rsquo;s projected revenues for 2024. Given that the revenues for PubCo will be generated by operations of the Six Korean Entities, and
         that pro forma projections always assume a particular acquisition date, it is unclear if
         the disclosure is implying that there is an actual reduction in projected revenues by
         the Six Korean Entities. Please tell us what is meant by this disclosure and explain whether there is any impact on the fairness opinion given the delay in the acquisition.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 19, 34, 53, 115 and 117 of the Amended Registration Statement.</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>K Enter&rsquo;s Acquisition of the Six Korean Entities, page 20</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.</B>&nbsp;<B>You state here you will close the share purchase agreement with Play Company first
         and thereafter, K Enter will close the share purchase agreements with the remaining
         five of the Six Korean Entities, which may occur concurrently or in any order. The
         heading of the chart at the top of page 21 indicates K Enter&rsquo;s acquisition of equity interests in the four remaining Six Korean Entities will occur
         after the closing of the share purchase agreement concerning Solaire Partners. Please
         clarify whether the acquisition of Solaire will or will not occur prior to the acquisition of the remaining four Korean Entities.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment by revising disclosure and charts to confirm that K Enter will close the share purchase agreement with Play Company first and thereafter, K Enter will close the share purchase agreements with the remaining five of the Six Korean Entities, which may occur concurrently or in any order at pages 20 and 21 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risk Factors</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risk Factors Relating to K Enter&rsquo;s
Business, the Six Korean Entities&rsquo; Business, and New K Enter&rsquo;s Business</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We may not be able to prevent others from unauthorized use..., page 32</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3.&nbsp;We note your response to prior comment 13 and reissue in part. Revise to specify the
         particular intellectual property that is material to the success of New K Enter, including
         the current entity(ies) which hold the intellectual property and the significance
         of the intellectual property. In this regard, your revised disclosure mentions &ldquo;copyrights,
         registered trademark and pending trademarks, service marks...proprietary technologies
         and similar intellectual property,&rdquo; but continues to provide no specific examples
         of material intellectual property. For example, explain the nature of the intellectual
         property rights under Play Company&rsquo;s agreements with HYBE and SM Entertainment discussed at page 40, and/or clarify the
         nature of any copyrights held by the Production Companies. Make conforming revisions
         to identify any material intellectual property in the business disclosure.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at page 43 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We currently face concentration risk within Play Company..., page 40</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.</B>&nbsp;<B>Please revise this risk factor to present information regarding your concentration
         risk and reliance on HYBE or any other significant customers as of a date more recent
         than June&nbsp;30, 2023, as we note that financial information as of December&nbsp;31, 2023 has been added to the filing. Make similar revisions where you discuss concentration
         risk &ldquo;as of June...2023 (Year-to-Date)&rdquo; at page 189.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 42, 169, 192 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Proposal No. 2 - The Acquisition Merger
Proposal</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Conditions to Closing</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General Conditions, page 101</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5.</B>&nbsp;<B>Please further revise your disclosure responsive to prior comment 17 to acknowledge
         as general conditions to closing (i) the approval of K Enter stockholders and (ii)
         the execution of the joinder agreement by K Wave Media Ltd. and GLST Merger Sub Inc., as stated in Sections&nbsp;9.1(e) and (k) of the Merger Agreement.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at page 104 of the Amended Registration Statement.</P>


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



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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Background of the Business Combination, page 105</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6.</B>&nbsp;<B>The disclosure added to page 113 in response to prior comment 21 suggests that there
         were no concrete developments at the time that the updated projections were prepared
         in November&nbsp;2023 with respect to K Enter&rsquo;s &ldquo;opportunity...to acquire a music-focused management company&rdquo; and &ldquo;the acquisition
         of a &#x2018;webtoons&rsquo; company.&rdquo; However, statements such as, &ldquo;It is not hard to imagine...,&rdquo; and, &ldquo;K Enter
         will be uniquely positioned to acquire...webtoon companies,&rdquo; are unclear and may imply
         that such acquisition opportunities are currently contemplated and/or likely to occur.
         Revise to state clearly, if true, that no definitive agreements or prospects have
         been identified or were at the time that K Enter&rsquo;s projections were updated. Discuss how K Enter&rsquo;s financial condition may limit its ability to realize any such acquisition opportunities
         that arise. </B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 116 and 134 of the Amended Registration Statement.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><B>Opinion of Global Star&rsquo;s Financial Advisor,
page 117.</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Please revise to summarize the revisions
that EverEdge made to the second fairness opinion on April&nbsp;29, 2024.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at page 120 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>First Fairness Opinion by EverEdge</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Supplemental Exhibit A: K Enter Forecasts, page 124</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.</B>&nbsp;<B>Please relocate the K Enter forecasts included as Supplemental Exhibit A, as well
         as the other supplemental exhibits at pages 124-134, so that they are located after
         the section titled &ldquo;Second Fairness Opinion by Everedge&rdquo; beginning at page 135. In
         this regard, it appears that these are the updated projections and other information
         used in connection with EverEdge&rsquo;s updated fairness opinion dated March&nbsp;12, 2024. Revise to either include the original set of K Enter forecasts and other
         information supporting EverEdge&rsquo;s original fairness opinion dated June&nbsp;9, 2023 where Supplemental Exhibits A-D are currently located in the proxy statement/prospectus,
         or provide a cross-reference to where they can be found in Annex F.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 123 and 139-146 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9.</B>&nbsp;<B>We note that there are discrepancies between the forecasted results of K Enter and
         certain of the Six Korean Entities presented in Supplemental Exhibit A and historical
         results for the year ended December&nbsp;31, 2023 included elsewhere in the proxy statement/prospectus. For example, total revenues
         of Play Company are forecasted as KRW95,194,000,000 and actual revenues for fiscal
         2023 were KRW67,481,156,000. Please add to the tables in Supplemental Exhibit A an
         additional column that discloses actual results for the year ended December&nbsp;31, 2023, and explain to investors why such additional column is included via footnote
         or another clear method of presentation. Additionally, where you discuss the financial
         projections contained in the second fairness opinion elsewhere in the proxy statement/prospectus,
         including at pages 18, 32, and 112-113, revise to highlight that certain forecasted
         and actual results for the year ended December&nbsp;31, 2023 differ.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 139-146 of the Amended Registration Statement.</P>


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



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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Second Fairness Opinion by EverEdge</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary of EverEdge&rsquo;s Financial Analysis of K Enter, page 137</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10.</B>&nbsp;<B>Please contextualize your statement added in response to prior comment 23 that, &ldquo;...the
         entities to be contracted as subsidiaries of the Target boast a well-established operational
         history&rdquo; with disclosure that two of the Six Korean Entities were formed in 2023.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at page 134 of the Amended Registration Statement.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><B>Selected Historical Financial Information of K
Enter, page 157</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11.</B>&nbsp;<B>Please present line items for each of revenue, cost of revenue and general and administrative
         expenses to put the included line item for net income in better context. </B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at page 201 of the Amended Registration Statement.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><B>Capabilities and the Six Korean Entities to be
acquired, page 177.</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>12.</B>&nbsp;<B>The revisions at pages 178-188 that you reference as responsive to prior comment 25
         do not address our comment and we reissue. Elaborate on the nature of the rights created
         by the Equity Pledge Agreements with certain shareholders of the Six Korean Entities
         and explain how and why they enable K Enter to exercise &ldquo;de facto&rdquo; or &ldquo;effective&rdquo;
         control over the &ldquo;pledged equity interests&rdquo; of the entities. In this regard, your
         disclosure that the shareholders of the entities, as pledgors, will &ldquo;retain all voting
         and economic rights with respect to the pledged equity interests&rdquo; makes it more unclear
         how the agreements operate to &ldquo;guarantee the performance&rdquo; of the entities under the
         respective share purchase agreements. Alternatively, remove disclosure suggesting
         that the Equity Pledge Agreements allow K Enter to control the Six Korean Entities
         through the ownership of pledged equity interests.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company
      respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 181, 192, 184,
      185, 188 and 190 of the Amended Registration Statement. The Company notes the Equity Pledge Agreements were entered into by K Enter to provide assurance that the selling
shareholders of the Six Korean Entities would consummate the closing of the Share Purchase Agreement and thus provide greater certainty
of K Enter&rsquo;s acquisition of controlling equity interests in the Six Korean Entities. The Equity Pledge Agreements are not intended
to provide K Enter control over the Six Korean Entities, but rather to restrict the voting and hypothecation of the pledged shares which
could hinder or obstruct the consummation of the transactions contemplated by the Share Purchase Agreements. Accordingly, the Company
believes that the Equity Pledge Agreements help to ensure K Enter&rsquo;s acquisition of controlling equity interests in the Six Korean
Entities under the Share Purchase Agreements.</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>K Enter&rsquo;s Relationship with First Virtual Lab, Inc., page 187</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>13.</B>&nbsp;<B>We note your response to prior comment 26 and reissue in part. Please articulate in
         additional detail the basis of your statement that the acquisition of a controlling
         interest in First Virtual is &ldquo;not probable.&rdquo; While we note from your response that
         the option held by the shareholders of First Virtual expires after five years, it
         remains unclear why you believe that the option will not be successfully exercised
         within that time frame. </B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company
has addressed the Staff&rsquo;s comment at pages 19, 119, 192, 200 and 293 of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations of Play Company.</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Results of Operations, page 207</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>14.</B>&nbsp;<B>Please discuss whether the significant reduction of revenue for Play Company and Apeitda
         and reduced amount of operating expenses for Play Company is a known trend pursuant
         to Item 5.D of Form 20-F and your expectations concerning this condition. Also, discuss
         whether the decreased operating expenses of Play Company are directly related to the
         reduction in revenue, and if so, how they correlate.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 211, 213 and 219 of the Amended Registration Statement.</P>


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



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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cash Flow, page 208</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>15.</B>&nbsp;<B>Please discuss the operational reasons for the reported negative operating cash flows
         for fiscal 2023 for Play Company and Apeitda and explain how you intend to meet the
         cash requirements and maintain operations for each in such circumstance. Refer to
         instruction 1 to &ldquo;Instructions to Item 5&rdquo; in Form 20-F and section IV.B.1 of Release
         No. 33-8350. Also discuss if this condition is a known trend pursuant to Item 5.D
         of Form 20-F and your expectations concerning this condition.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 210, 211, 219 and 220 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Critical Accounting Policies and Estimates, page 209</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>16.</B>&nbsp;<B>Please provide in MD&amp;A the disclosure required by Item 5.E of Form 20-F for Play Company
         as well as for the other Korean Entities. Reference to the accounting policies and
         estimates contained in the notes to the financial statements does not satisfy this
         requirement. Note the disclosure in MD&amp;A should not merely repeat disclosure contained
         in the notes to the financial statements but provide further insight to their estimation
         uncertainty.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment at pages 213, 217, 221, 225, 229 ans 233 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Unaudited Pro Forma Condensed Combined Financial
Information</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Notes to Unaudited Pro Forma Condensed Combined
Financial Statements</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note 1 - Description of the Transactions</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Proposed Transaction, page 250</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>17.</B>&nbsp;<B>We note herein the revised disclosure in response to prior comment 28 wherein you
         allocated the purchase consideration of $590,000,000 to entities and existing K Enter
         stockholders. Please revise the disclosure to allocate the purchase consideration
         to the overall assets acquired, overall liabilities assumed and any other overall
         applicable items (e.g., compensation for the service of a stock exchange listing)
         as appropriate, in accordance with the previously cited guidance.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comment by presenting the allocation of the $590,000,000 purchase consideration to the overall assets acquired, overall liabilities assumed and other overall applicable items for the entities and existing K Enter stockholders at page 250 of the Amended Registration Statement.</P>


      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note 5 - Adjustments and Reclassifications
to Unaudited Pro Forma Condensed Combined</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Balance Sheet as of December&nbsp;31, 2023, page 259</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>18.</B>&nbsp;<B>We note $129 million of the approximate $179 million of goodwill recognized in the
         combination of K Enter and the Six Korean Entities is attributed to K Enter. Please
         provide a qualitative description of the factors that make up the goodwill attributed
         to K Enter.</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment. The Company has addressed the Staff&rsquo;s comments in the first bullet point of the Staff&rsquo;s comment at page 106 of the Amended Registration Statement.</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The goodwill for K Enter is supported by the following qualitative factor:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">Synergic growth between (a) content production and investment
businesses, in which K Enter secures IP rights of its films and TV series for additional distribution
and advertisement revenues and (b) content production and merchandising businesses, in which K Enter produces goods and merchandises
for its films and TV series for additional merchandising revenues.</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>



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<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">This is further supported by the following qualitative factors:</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">Organic growth of the content production business, assuming
an increase in the production of films and TV series collectively by the four studios (Anseilen,
Apeitda, Bidangil and Lamp) and K Enter&rsquo;s internal production team;</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">Organic growth of the content merchandising business, assuming an increase in the IP rights coverage
                                                                                                               for merchandising by Play Company, reflecting Play Company&rsquo;s recent contract with SM Entertainment;</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">Organic growth of the content investment business, assuming
a serial launching of new content investment funds by Solaire Partners.</TD>
</TR></TABLE>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">This comment has been resolved by adding a footnote to the table in Note 5 &ndash; Adjustments and Reclassifications to Unaudited Pro Forma Condensed Combined Balance Sheet Adjustment (A)(j) describing the qualitative factors related to the goodwill of K Enter.</P>


      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>19.</B>&nbsp;<B>Please ensure the financial statements for the U. S. domestic entities in the filing
         comply with Rule&nbsp;3-12 of Regulation S-X and update the financial statements and related pro forma information
         as appropriate.</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response: </I>The Company respectfully acknowledges the Staff&rsquo;s comment and the Company has updated the financial statements and related pro forma information in the Amended Registration Statement.</P>


      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>20.</B>&nbsp;<B>We note your response to prior comment 32, including your reference to added disclosure
         at page 108 indicating that Global Star will circulate updated or supplemental proxy
         materials to its stockholders if any material changes to the planned acquisitions
         of the Six Korean Entities occur before the special meeting. Revise to explain this
         in further detail earlier in the filing, including in the letter to stockholders and
         question and answer section, and elsewhere throughout the filing that you discuss
         the transaction structure and acquisition of the entities. Specifically, add a question
         and answer placed prominently in the &ldquo;Questions and Answers About the Business Combination&rdquo;
         section that explains that the closing of the acquisition is conditioned only on the
         acquisition of Play Company and Solaire Partners and not on the acquisition of all
         six entities. Disclose the timing considerations regarding the closing of the acquisitions
         of all Six Korean Entities and clearly states for investors how and when they will
         be informed of the closings and the circumstances under which they could expect to
         receive updated proxy materials prior to the special meeting (i.e., if anything apart
         from the successful completion of the acquisition of the Six Korean Entities has occurred
         at such time and/or any adjustment to the consideration, etc.). Summarize the nature
         of revised information that investors would be provided in any amended proxy materials,
         including additional disclosure regarding the background of the business combination,
         explanation of any changes in consideration, the applicability of the fairness opinion
         and whether you would obtain a new fairness opinion, and updated pro forma financial
         information pursuant to Rule&nbsp;11 of Regulation S-X. Provide a prominent cross-reference to this new question and
         answer where you include the step-by-step organizational charts beginning at page
         20. Additionally, we reissue the portion of prior comment 32 asking you to explain
         whether you intend to recirculate and resolicit the shareholder vote if there are
         any post-special meeting material changes, including changes to the entities which will be acquired or the consideration amount from that which was disclosed
         at the time the stockholders approved the proposals. If you would resolicit the stockholder
         vote, explain this in a new question and answer as well and elsewhere throughout the
         filing as appropriate. If you would not resolicit the shareholder vote, explain to
         us why you think this is appropriate.</B></P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Response:</I> The Company respectfully
acknowledges the Staff&rsquo;s comment and the Company has addressed the Staff&rsquo;s comment at page i (Letter to Stockholders) and
page 14 of the Amended Registration Statement. The Company responds below to the Staff&rsquo;s following question raised in this comment:
<I>Additionally, we reissue the portion of prior comment 32 asking you to explain whether you intend to recirculate and resolicit the
shareholder vote if there are any post-special meeting material changes, including changes to the entities which will be acquired or the
consideration amount from that which was disclosed at the time the stockholders approved the proposals. If you would resolicit the stockholder
vote, explain this in a new question and answer as well and elsewhere throughout the filing as appropriate.</I> In response to the Staff&rsquo;s
question please be advised that following the Global Star special meeting to approve the Business Combination there will be no material
changes to the Korean entities which will be acquired by K Enter or the consideration amount to be issued by Global Star to K Enter in
connection with the Business Combination. Accordingly, there will be no need to resolicit the vote of the Global Star stockholders. The
Six Korean Entities will be acquired by K Enter after the proxy statement/prospectus on Form F-4 is declared effective and prior to the
Global Star special meeting. As noted in the added text to the Form F-4 at pages i and 14 of the Amended Registration Statement, the Company
will file supplemental proxy materials in the event there is any material change to the Korean entities which will be acquired by K Enter
or the consideration amount to be issued by Global Star to K Enter in connection with the Business Combination prior to the special meeting,
thus affording the Global Star stockholders all material information before being asked to vote to approve the Business Combination.</P>

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



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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please call Daniel Nunn of Nelson Mullins Riley &amp; Scarborough LLP at (904) 665-3601
         or James Prestiano of Loeb &amp; Loeb LLP at (212) 407-4831 if you have any questions
         or if would like additional information with respect to any of the foregoing.</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Thank you.</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Very truly yours,</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 50%">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 5%">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 45%">&nbsp;</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">/s/ Anthony Ang</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Name: </TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Anthony Ang</TD>
         </TR>
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Title:</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Chairman</TD>
         </TR>
      </TABLE>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Enclosures</P>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
      <TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
         <TR STYLE="font: 10pt Times New Roman, Times, Serif">
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">cc:</TD>
            <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Mr.&nbsp;Young Jae Lee, Chief Executive Officer, K Enter Holdings, Inc.</TD>
         </TR>
      </TABLE>
      <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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