<SEC-DOCUMENT>0001193125-23-181974.txt : 20230829
<SEC-HEADER>0001193125-23-181974.hdr.sgml : 20230829
<ACCEPTANCE-DATETIME>20230705162129
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-181974
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230705

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fifth Wall Acquisition Corp. III
		CENTRAL INDEX KEY:			0001847874
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				981583957
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		30 W. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		(513) 834-5110

	MAIL ADDRESS:	
		STREET 1:		30 W. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fifth Wall Acquisition Corp. III
		DATE OF NAME CHANGE:	20210224
</SEC-HEADER>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gibson, Dunn &amp; Crutcher LLP</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1050&nbsp;Connecticut&nbsp;Avenue,&nbsp;N.W.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC <FONT
STYLE="white-space:nowrap">20036-5306</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel&nbsp;202.955.8500</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.gibsondunn.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;5, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Benjamin Holt </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dorrie Yale </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Real Estate&nbsp;&amp; Construction </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fifth Wall Acquisition Corp. III </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;3 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Filed June&nbsp;16, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-269231</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Holt and Ms.&nbsp;Yale: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf
of Fifth Wall Acquisition Corp. III (the &#147;Company&#148;), please find responses to the comments of the staff of the Securities and Exchange Commission (the &#147;Staff&#148;) contained in the Staff&#146;s letter dated June&nbsp;30, 2023 (the
&#147;Comment Letter&#148;) with regard to Amendment No.&nbsp;3 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-269231)</FONT> filed by the Company on
June&nbsp;16, 2023 (the &#147;Registration Statement&#148;). The responses are based on information provided to us by the Company. Capitalized terms used but not defined herein have the respective meanings ascribed to them in the Registration
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below in italics are the comments contained in the Staff&#146;s Comment Letter pertaining to the Registration
Statement. Immediately below each of the Staff&#146;s comments is the Company&#146;s response to that comment. For the convenience of the Staff&#146;s review, each of the numbered paragraphs below correspond to the numbered comment in the
Staff&#146;s Comment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is concurrently providing to the SEC Amendment No.&nbsp;4 to the Registration Statement, as
filed on EDGAR on the date hereof (&#147;Amendment No.&nbsp;4&#148;).&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Amendment No.</U><U></U><U>&nbsp;3 to
Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-4</FONT></U> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Q. What equity stake will current FWAC
shareholders . . . ?, page&nbsp;31</U> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>1. We refer you to your response to prior comment 8 in your letter, dated
April</U><U></U><U>&nbsp;10, 2023. Please revise here, and elsewhere as appropriate, to highlight the material differences in the terms and price of FWAC Class</U><U></U><U>&nbsp;A Common Stock as compared to the Series 2 Preferred Stock. To the
extent material, please also discuss any downward pricing pressure that may result from the conversion of the Series&nbsp;2 Preferred Stock to New MIC Common Stock post-business combination. In this regard, we note that it appears the Series&nbsp;2
Preferred Stock will be issued at a discount relative to the public FWAC Class</U><U></U><U>&nbsp;A Common Stock.</U> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company
acknowledges the Staff&#146;s comment and has revised pages 32, 59, 223, 224, 240, 241, 304, 395 and 396 of Amendment No.&nbsp;4 to include the requested disclosure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Amendment No.</U><U></U><U>&nbsp;3 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT></U> </I></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Beijing&nbsp;&#149;&nbsp;Brussels&nbsp;&#149;&nbsp;Century&nbsp;City&nbsp;&#149;&nbsp;Dallas&nbsp;&#149;&nbsp;Dubai&nbsp;&#149;&nbsp;
Frankfurt&nbsp;&#149;&nbsp;Hong&nbsp;Kong&nbsp;&#149;&nbsp;Houston&nbsp;&#149;&nbsp;London&nbsp;&#149;&nbsp;Los&nbsp;Angeles&nbsp;&#149;&nbsp;Munich </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New&nbsp;York&nbsp;&#149;&nbsp;Orange&nbsp;County&nbsp;&#149;&nbsp;Palo&nbsp;Alto&nbsp;&#149;&nbsp;Paris&nbsp;&#149;&nbsp;San&nbsp;
Francisco&nbsp;&#149;&nbsp;S&atilde;o&nbsp;Paulo&nbsp;&#149;&nbsp;Singapore&nbsp;&#149;&nbsp;Washington,&nbsp;D.C. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Benjamin Holt </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dorrie Yale </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">July&nbsp;5, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 2
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Q. What equity
stake will current FWAC shareholders . . . ?, page&nbsp;31</U> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>2. We refer to your revised disclosures that your Preferred PIPE
investors include entities controlled by Mr.</U><U></U><U>&nbsp;Osher, a director of MIC, and an entity controlled by Mr.</U><U></U><U>&nbsp;Chavez and of which Ms.</U><U></U><U>&nbsp;Hogue is a member, each of whom is a MIC director and officer. We
also note that the line in the table depicting the ownership of MIC Directors and Officers excludes this PIPE investment. Please revise here, and elsewhere as appropriate, including the risk factor on page 81, to more clearly explain the full
ownership percentage of the MIC directors and officers following the conversion of the preferred stock. In addition, please revise to add disclosure regarding whether New MIC, following the PIPE investment and the conversion of the preferred stock,
will be considered a &#147;controlled&#148; company, and if so, please add corresponding disclosures about the significance of this status, or advise.</U> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company acknowledges the Staff&#146;s comment and has revised pages 31 through 35, 56 through 59, 85, 135, 251, 253 through 255 and 385
of Amendment No.&nbsp;4 to include the requested disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Unaudited Pro Forma Condensed Combined Financial Information</U>
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Pipe Investment, page 262</U> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>3. We note that pro forma adjustment (I)</U><U></U><U>&nbsp;to your Unaudited Pro Forma Condensed Consolidated Balance Sheet reflects the
conversion of Preferred Stock issued to Preferred PIPE Investors into New MIC Common Stock. Please clarify how you determined the Preferred Stock should be reflected as if it had been converted. In your response, please clarify whether the merger
between FWAC and MIC represents a change in control under the Preferred Subscription Agreement. Finally, please tell us how you considered the need to reflect dividends payable to Preferred PIPE Investors in your pro forma financial statements.</U>
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: :&nbsp;The Company acknowledges the Staff&#146;s comment and has revised pages&nbsp;256 through 259, 273 and 274 of Amendment
No.&nbsp;4 to reflect the preferred stock on a standalone, <FONT STYLE="white-space:nowrap">non-converted</FONT> basis.&nbsp;The merger between FWAC and MIC does not represent a change in control under the Preferred Subscription Agreement.&nbsp;The
Company respectfully notes that dividends payable to the Preferred PIPE Investors are included in the pro forma financial statements because the dividends are fixed and determinable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Exhibits</U> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>4.</I> <U><I>We refer to the legal opinion filed as Exhibit&nbsp;5.1. Please revise to remove any assumptions of material facts underlying
the opinion. For example, we note counsel has assumed that &#147;upon the issuance of any of the shares of Common Stock, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock
that the Company is then authorized to issue under the Articles of Incorporation.&#148; See Item&nbsp;II.B.3.a. of Staff Legal Bulletin No.</I>&nbsp;<I>19</I>.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company acknowledges the Staff&#146;s comment and has filed a revised Exhibit&nbsp;5.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Staff of the SEC has any questions or comments regarding the foregoing, please contact the undersigned, Evan D&#146;Amico of Gibson,
Dunn&nbsp;&amp; Crutcher LLP by telephone at (202) <FONT STYLE="white-space:nowrap">887-3613</FONT> or via email at edamico@gibsondunn.com. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Benjamin Holt </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dorrie Yale </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">July&nbsp;5, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 3
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Evan M. D&#146;Amico</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Evan M. D&#146;Amico</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EMD </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
