<SEC-DOCUMENT>0001437749-23-001361.txt : 20230221
<SEC-HEADER>0001437749-23-001361.hdr.sgml : 20230221
<ACCEPTANCE-DATETIME>20230119165403
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-23-001361
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AEMETIS, INC
		CENTRAL INDEX KEY:			0000738214
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				261407544
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20400 STEVENS CREEK BLVD
		STREET 2:		SUITE 700
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014
		BUSINESS PHONE:		408-517-3304

	MAIL ADDRESS:	
		STREET 1:		20400 STEVENS CREEK BLVD
		STREET 2:		SUITE 700
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AE BIOFUELS, INC.
		DATE OF NAME CHANGE:	20110714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AE Biofuels, Inc.
		DATE OF NAME CHANGE:	20071212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARWICH II LTD
		DATE OF NAME CHANGE:	19840123
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">S&nbsp;H&nbsp;E&nbsp;A&nbsp;R&nbsp;M&nbsp;A&nbsp;N&nbsp;&nbsp;&amp;&nbsp;&nbsp;S&nbsp;T&nbsp;E&nbsp;R&nbsp;L&nbsp;I&nbsp;N&nbsp;G&nbsp;&nbsp;L&nbsp;L&nbsp;P</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">1460 El Camino Real</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">Menlo Park, CA 94025</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">+1.650.838.3600</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">January 19, 2023</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><u>VIA EDGAR</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities and Exchange Commission</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Division of Corporation Finance</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Office of Industrial Applications and Services</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">100 F Street, N.E.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Washington, D.C. 20549</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attention: Jeanne Baker and Terrence O&#8217;Brien</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;"><b>Re:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Aemetis, Inc.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>Form 10-K for the Year Ended December 31, 2021</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>Filed March 10, 2022</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>Form 8-K filed November 3, 2022</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;"><b>File No. 001-36475</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ladies and Gentlemen:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">On behalf of Aemetis, Inc. (the &#8220;<u>Company</u>&#8221;), we are submitting this letter in response to the written comment of the staff (the &#8220;<u>Staff</u>&#8221;) of the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;), as contained in your letter, dated January 3, 2023&nbsp;(the &#8220;<u>Comment Letter</u>&#8221;), to the Company regarding the Company&#8217;s above-referenced Form 8-K filed November 3, 2022.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">To facilitate your review of the Company&#8217;s response, we have repeated your comment in italics followed immediately by the response of the Company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Form 8-K filed November 3, 2022</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Exhibit 99.1, page 1</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><i>You indicate in your response to prior comment 2 that the cash receipt of a $14.2 million grant from the United States Department of Agriculture Biofuel Producer Program was not an adjustment in your reconciliation of net loss to Adjusted EBITDA because you use and communicate Adjusted EBITDA to investors as a proxy for the Company</i>&#8217;<i>s source or use of cash during the period. We have the following additional comments: </i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><i>&#8226; Your disclosures indicate that you provide non-GAAP measures as a supplement to financial results based on GAAP. We also note that you reconcile Adjusted EBITDA to net income (loss). Please confirm that you will revise your disclosures to clarify why you present Adjusted EBITDA and reconcile this non-GAAP liquidity measure to the most comparable GAAP liquidity measure (e.g., cash flows from operating activities). Refer to Rule 10(e)(1)(i)(b) of Regulation S-K; and</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><i>&#8226; Please note that any non-GAAP performance measure that excludes the $14.2 million grant may not be in compliance with Question 100.03 of the non-GAAP C&amp;DIs. In this regard, the fact that the grant was paid in cash does not sufficiently explain why it is not an appropriate adjustment to arrive at Adjusted EBITDA, as currently presented as a performance measure.</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company respectfully acknowledges the Staff&#8217;s comments and confirms that it will (i) revise its disclosures in future earnings releases to clarify the use of Adjusted EBITDA by management as a non-GAAP liquidity measure to serve as a proxy for the Company&#8217;s source or use of cash during the period and (ii) reconcile such non-GAAP liquidity measure to the most comparable GAAP liquidity measure. The Company also acknowledges and confirms that, in accordance with Question 100.03 of the non-GAAP C&amp;DIs, to the extent it presents a non-GAAP performance measure to investors in future earnings releases, it will exclude gains (such as certain grants paid in cash) in addition to charges from such non-GAAP performance measure.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">*****</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">We thank the Staff for its consideration of the Company&#8217;s Form 8-K filed on November 3, 2022, and hope the Staff finds that the foregoing answer is responsive to its comment. If you should have any questions or further comments with respect to the Company&#8217;s Form 8-K, please do not hesitate to contact me at (650) 838-3720.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt; text-align: right;">Yours very truly,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt; text-align: right;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt; text-align: right;"><u>&nbsp;/s/ Yian Huang</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt; text-align: right;">Yian Huang</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">cc: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Todd Waltz, <i>Aemetis, Inc.</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Chris Forrester, <i>Shearman &amp; Sterling LLP</i></p>

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