<SEC-DOCUMENT>0001104659-24-011210.txt : 20240501
<SEC-HEADER>0001104659-24-011210.hdr.sgml : 20240501
<ACCEPTANCE-DATETIME>20240206185042
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-011210
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pegasus TopCo B.V.
		CENTRAL INDEX KEY:			0001987240
		STANDARD INDUSTRIAL CLASSIFICATION:	MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ROBERT-BOSCH-STR. 32-36
		CITY:			FREUDENSTADT
		STATE:			2M
		ZIP:			72250
		BUSINESS PHONE:		44 73 84 24 7998

	MAIL ADDRESS:	
		STREET 1:		ROBERT-BOSCH-STR. 32-36
		CITY:			FREUDENSTADT
		STATE:			2M
		ZIP:			72250

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pegasus TopCo B.V.
		DATE OF NAME CHANGE:	20230725
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<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="padding-right: 5.4pt"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"><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; text-transform: uppercase">&nbsp;</P></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><B>Clifford
                                            Chance</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Partnerschaft mit</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">beschr&auml;nkter Berufshaftung</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">JUNGHOFSTRA&szlig;E 14<BR>
    60311 FRANKFURT AM MAIN<BR>
    GERMANY</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-transform: uppercase">Tel +49 69 7199 01</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Fax +49 69 7199 4000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.cliffordchance.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">VIA EDGAR</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Laura Veator, Stephen Krikorian, Alexandra Barone,
    and Jeff Kauten</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">United States Securities&nbsp;&amp; Exchange Commission</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">100 F Street, N.E.</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">February 6, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549-0404</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re</FONT></TD><TD STYLE="text-align: justify"><B>Pegasus
                                            Digital Mobility Acquisition Corp. / Pegasus TopCo B.V.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Registration Statement
on Form&nbsp;F-4</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Filed December&nbsp;22,
2023, File No.&nbsp;333-274701</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Responses
to Staff comments made by letter dated </B></FONT><B>January&nbsp;11, 2024</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">Dear Ms.&nbsp;Veator, Mr.&nbsp;Krikorian, Ms.&nbsp;Barone,
and Mr.&nbsp;Kauten:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
behalf of our client, Pegasus TopCo B.V. (the &quot;<B>Company</B>&quot;), we submit to the staff of the United States Securities and
Exchange Commission (the &quot;<B>Staff</B>&quot;) this letter setting forth the Company's response to the comments contained in the
Staff's letter dated </FONT>January&nbsp;11, 2024 (the &quot;<B>Comment Letter</B>&quot;) in connection with the Company's Registration
Statement on Form&nbsp;F-4, filed on December&nbsp;22, 2023, (the &quot;<B>Registration Statement</B>&quot;). Concurrent with the submission
of this response letter, the Company is submitting Amendment No.&nbsp;2 of the Registration Statement on Form&nbsp;F-4 (the &quot;<B>Amended
Registration Statement</B>&quot;) via EDGAR. The Amended Registration Statement contains updates in response to the Staff's comments
made in the Comment Letter. Attached as Annex A to this letter is a marked copy showing the changed pages&nbsp;of the Amended Registration
Statement for reference.</P>

<P STYLE="text-align: justify; 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">The Staff's comments are reproduced below in
italics and are followed by the Company's response. Capitalized terms used but not otherwise defined herein have the meanings set forth
in the Amended Registration Statement.</P>

<P STYLE="text-align: justify; 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>Amendment No.&nbsp;1 to Registration Statement
on Form&nbsp;F-4</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 2. Please revise to quantify the voting power percentage that Anette and Christian
                                            Schmid will control post-Business Combination, and cross-reference the specific risk factor
                                            that discusses exemptions available to the Surviving Company as a controlled company.</I></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase">Clifford
Chance LLP is a limited liability partnership registered in England and Wales under no. OC323571. The firm's registered office and principal
place of business is at 10 Upper Bank Street London E14 5JJ. The firm uses the word &quot;partner&quot; to refer to a member of Clifford
Chance LLP or an employee or consultant with equivalent standing and qualifications. The firm is authorised and regulated by the Solicitors
Regulation Authority under SRA number 447778.</FONT></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>

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<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">
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    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response:</B></FONT> In response to the Staff&rsquo;s comment, the Company has revised the cover page&nbsp;of the Registration Statement
to clarify the voting power percentage that will be controlled by Anette Schmid and Christian Schmid and the Community of Heirs (of which
Anette Schmid and Christian Schmid are the sole beneficiaries) post-Business Combination. The Company has also revised the cross-reference
to be specific to the risk factor that discusses exemptions available to the Surviving Company as a controlled company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>We are unable to locate disclosure
                                            responsive to prior comment 3. Please revise your disclosure on the cover page&nbsp;to disclose
                                            whether the approval of the New York Stock Exchange listing application is a condition to
                                            the closing of the Business Combination.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the Company has revised the cover page&nbsp;of the Registration Statement
and detailed the disclosure that the approval of the New York Stock Exchange listing application is a condition to closing of the Business
Combination Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 5. It is still unclear how likely it is that the $35 million minimum cash proceeds
                                            condition will be met as well as the risks involved if this condition is not met. Also, expand
                                            your disclosure to discuss the possibility that more than 1,588,144 shares will be redeemed
                                            and the consequences of this amount of redemptions.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the Company has revised the cover page&nbsp;of the Registration Statement
to clarify that there is a significant risk the revised minimum cash condition (which now aligns with the minimum redemption scenario)
may not be met. In addition, the Company has modified the scenarios shown to now include a scenario of $45,000,000 which satisfies the
minimum cash condition in full and two scenarios in which a substantial amount of Class&nbsp;A shares are redeemed (so that only $20,000,000,
respectively, $5,000,000 remain in the Trust Account, in each case subject to a specific waiver of the minimum cash condition). On January&nbsp;29,
2024, a change in the closing condition was agreed in by signing the Second Amendment to the Business Combination Agreement which increased
the minimum cash condition to $45,000,000, of which $10,000,000 can also be raised through a debt instrument. If the minimum cash condition
is not met and not waived the Business Combination would not be consummated.</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>Summary</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>Organizational Structure, page&nbsp;26</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Please revise your organizational
                                            charts to include ownership percentages among the various entities.</I></TD></TR></TABLE>

<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>

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<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">
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    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the Company has revised the Organizational Structure charts to include
the ownership percentages of the various entities.</P>

<P STYLE="text-align: justify; 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>The Business Combination</U></B></P>

<P STYLE="text-align: justify; 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>Background of the Business Combination,
page&nbsp;113</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><I>5.</I></TD><TD STYLE="text-align: justify"><I>Please expand your discussion
                                            in the background section to identify all of the persons involved in the transaction. For
                                            example, please expand your disclosure to identify who from Pegasus&rsquo;s management team
                                            was involved in identifying targets and ultimately identified Schmid.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the disclosure has been amended to identify all of the key persons involved
in the transaction and the disclosure now identifies who from the Pegasus's management team was involved in identifying targets and ultimately
identified Schmid.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><I>6.</I></TD><TD STYLE="text-align: justify"><I>We note that you filed the
                                            fairness opinion as Annex K. Please also provide a clear explanation in the registration
                                            statement as to the reason why the fairness opinion was obtained and include the information
                                            required by Item 1015 of Regulation M-A.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the disclosure has been amended to clearly state why the fairness opinion
was obtained and the required information of Item 1015 was added to the disclosure. Please note that following the signing of an amendment
to the Business Combination Agreement dated January&nbsp;29, 2024, a revised fairness opinion was obtained which has been annexed to
the revised F-4/A filing.</P>

<P STYLE="text-align: justify; 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>The Pegasus Board's Reasons for the Business
Combination, page&nbsp;117</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><I>7.</I></TD><TD STYLE="text-align: justify"><I>In response to prior comment
                                            13, please disclose whether the Pegasus Board relied on any financial projections and, if
                                            so, please disclose the projections in the registration statement as well as any key assumptions
                                            made by the Pegasus Board in formulating its opinion to recommend the transaction, especially
                                            with respect to any valuation analysis that might be dependent upon financial projections.
                                            In this regard, we also note your updated disclosure on page&nbsp;189 relating to your current
                                            projections and budget forecasts. Please advise.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the disclosure has been amended to disclose the key projections that the
Pegasus Board relied on in formulating an opinion on the transaction in May&nbsp;2023. In addition, please note the amendment to the
Business Combination Agreement dated January&nbsp;29, 2024 has been approved by the Pegasus Board based on revised projections which
are set out in the disclosure. The projections are now clearly set out in Schmid's MD&amp;A and the revised F-4/A cross-references to
these sections. The EBITDA forecasts disclosed in the revised F-4/A formed the key basis of determination to enter into the transaction
next to the other details of the transaction, the agreements set out in the F-4/A, the fairness opinion and the overall due diligence
performed and described in the &quot;Background&quot; section of the revised F-4/A.</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>

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<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: 90%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Material Tax Considerations, page&nbsp;125.</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>8.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 14; however, because you intend for the Merger to qualify as a reorganization, and,
                                            if so, U.S. Holders would generally not recognize any gain or loss as a result of each transaction,
                                            a tax opinion should be filed as an exhibit. Please file a tax opinion pursuant to Item 601(b)(8)&nbsp;of
                                            Regulation S-K or advise why the tax consequences are not material to an investor.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, the disclosure has been amended to include a tax opinion pursuant to Item
601(b)(8).</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>Unaudited Pro Forma Condensed Combined
Financial Information</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>Notes to Unaudited Pro Forma Condensed
Combined Financial Information</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>Transaction Accounting Adjustments to Unaudited
Pro Forma Condensed Combined Statement of Financial Position, page&nbsp;172</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>9.</I></TD><TD STYLE="text-align: justify"><I>In your response to prior comment
                                            16 you indicate that the estimated transaction costs to be incurred by Pegasus have been
                                            excluded from the pro forma statement of profit or loss for the year ended December&nbsp;31,
                                            2022 because they are being treated as if they had been incurred prior to the closing of
                                            the transaction. Please further clarify how this complies with the provisions of Article&nbsp;11-02
                                            of Regulation S-X which require inclusion of adjustments that depict in the pro forma statements
                                            of comprehensive income the effects of the pro forma balance sheet adjustments assuming those
                                            adjustments were made as of the beginning of the fiscal year presented. In this regard, your
                                            pro forma combined statement of profit or loss for the year ended December&nbsp;31, 2022
                                            should combine the historical statement of profit or loss of Schmid and the historical statement
                                            of operations of Pegasus on a pro forma basis as if the Business Combination and related
                                            transactions had been consummated on January&nbsp;1, 2022, and should reflect all material
                                            impacts of the Business Combination. Please revise or advise.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT> In response to the Staff&rsquo;s comment the Company has updated pro forma statement of profit or loss to give
effect to the additional transaction costs expected to be incurred by Pegasus. In addition, note that the pro forma section in the disclosure
has been updated to reflect the changes agreed to the transaction structure on January&nbsp;29, 2024.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>10.</I></TD><TD STYLE="text-align: justify"><I>In your response to prior
                                            comment 18 you indicate that as the stock-based compensation expense relating to the Class&nbsp;B
                                            ordinary shares and Private Placement Warrants would have been incurred by Pegasus prior
                                            to the Business Combination, it has not been reflected as an expense of the combined company
                                            within the pro forma Statement of Profit and Loss. Please further clarify how this complies
                                            with the provisions of Article&nbsp;11-02 of Regulation S-X which require inclusion of adjustments
                                            that depict in the pro forma statements of income the effects of the pro forma balance sheet
                                            adjustments assuming those adjustments were made as of the beginning of the fiscal year presented.
                                            In this regard, your pro forma combined statement of profit or loss for the year ended December&nbsp;31,
                                            2022 should combine the historical statement of profit or loss of Schmid and the historical
                                            statement of operations of Pegasus on a pro forma basis as if the Business Combination and
                                            related transactions had been consummated on January&nbsp;1, 2022, and should reflect all
                                            material impacts of the Business Combination. Please revise or advise.</I></TD></TR></TABLE>

<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>

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<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: 90%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>The Company acknowledges the provisions of Article&nbsp;11-02 of Regulation S-X which require inclusion of adjustments
that depict in the pro forma statements of income the effects of the pro forma balance sheet adjustments assuming those adjustments were
made as of the beginning of the fiscal year presented. Further, the Company acknowledges that Article&nbsp;11-02 of Regulation S-X requires
transaction accounting adjustments to the pro forma balance sheet to reflect the accounting for the transaction as required by the applicable
accounting guidance (i.e.,&nbsp;IFRS).</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">The directors and officers that received the
Class&nbsp;B ordinary shares and Private Placement Warrants must maintain employment up until the consummation of the business combination,
otherwise they forfeit the awards. However, there is no requirement to maintain employment after the Closing. This represents a performance
condition which requires Pegasus to recognize compensation expense once the achievement of the performance condition (i.e., closing of
the business combination) is probable.</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">Related to the transfer of the Class&nbsp;B ordinary
shares, the Company respectfully advises the staff that the shares were not derecognized from the Pegasus historical financial statements;
however, no compensation expense has been recognized in the historic financial statements. In order to reflect this in the pro forma
statement of financial position, adjustments were made within the equity section in order to provide transparency to investors of the
impact given that the cost has not been reflected in the historical financial statement of Pegasus. However, the Company would not be
required to recognize any impact from this grant of shares in their accounting for the business combination; therefore, an adjustment
for this transfer has not been recognized in the pro forma statement of profit or loss. Ultimately the adjustment represents a reclassification
between two equity accounts that is removed in the consolidation and does not result in a net impact to the combined company.</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">Related to the transfer of Private Placement
Warrants, on the grant date Pegasus derecognized the warrants from their historical balance sheet. Upon Closing, these warrants would
be outstanding and would need to be recognized by the Company as part of its accounting for the business combination. The Company therefore
has recognized the Private Placement Warrants as an adjustment to the pro forma statement of financial position. In response to the Staff&rsquo;s
comment the Company has updated the pro forma statement of profit or loss to give effect to the fair value of the Private Placement Warrants.</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>Transaction Accounting Adjustments to Unaudited
Pro Forma Condensed Combined Statement of Profit or loss, page&nbsp;174</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>11.</I></TD><TD STYLE="text-align: justify"><I>In your response to prior
                                            comment 19 you indicate that Pegasus is domiciled in the Cayman Islands and has taken the
                                            position that the excise tax does not apply to redemptions of its shares as it is not a U.S.
                                            domestic corporation. Please clarify if you consider there to be any uncertainties with this
                                            position and, if so, tell us how you considered disclosing this and the potential impacts.</I></TD></TR></TABLE>

<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>

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<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: 90%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment the disclosure has been amended to add a risk factor in relation to excise
tax due to potential uncertainties.</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>Schmid's Management's Discussion and Analysis
of Financial Condition and Results of Operations, page&nbsp;187</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>12.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 20. Please provide a source for each of your market and industry statements throughout
                                            the entirety of the registration statement. For example, please provide the source for the
                                            publicly available information related to your statement that &ldquo;We believe, based on
                                            publicly available information and expectations of our management, that the further penetration
                                            of the ET technology in the overall market will lead to a significant increase of the share
                                            of capital expenditure spending for a new factory from 30% of equipment spending for a traditional
                                            fabrication methods factory to 80% to 90% in an ET technology factory.&rdquo;</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment the disclosure has been amended. In relation to the specific statement
the Staff quotes, this is an assessment of the management of Schmid based on their technical know-how of fabrication methods and is not
sourced from a specific public available source, but is based on the management's knowledge of fabrication processes used in the industry.</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>Liquidity and Capital Resources, page&nbsp;197</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>13.</I></TD><TD STYLE="text-align: justify"><I>Tell us the amount of restricted
                                            net assets of your Chinese subsidiary as of December&nbsp;31, 2022 and the percentage of
                                            your total consolidated net assets it represents. Tell us how you considered including Schedule
                                            1, required by Rule&nbsp;5-04 of Regulation S-X. Further, given your disclosure on page&nbsp;53
                                            that these restrictions could reduce the amount of distributions that you receive from your
                                            subsidiaries, which would restrict your ability to fund your operations, generate income,
                                            pay dividends, and service your indebtedness, please further clarify why you don&rsquo;t
                                            consider disclosure of the amount of restricted net assets and the nature of these restrictions
                                            necessary.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff's comment, the Company notes that the restrictions of Schmid's subsidiary in China is subject
to have not constrained Schmid in its business or group liquidity management. Schmid follows all applicable rules&nbsp;and regulations
in China in relation to restrictions of distributions. Schmid notes that distributions by the Chinese subsidiary are generally permissible
if the relevant Chinese regulations and rules&nbsp;are followed. <U>The Chinese subsidiary is not subject to any restricted cash amount
at the moment</U> and as such no disclosure in the registration statement is required about restricted net assets in the view of Schmid.
Note, however, an amount equal to CNY 7,717 thousand (an amount equal to somewhat over EUR 1 million at current exchange rates) is blocked
from transfers out of China as of December&nbsp;31, 2022 due to a guarantee framework. This is a contractual agreed amount. The disclosure
has been amended accordingly to state this blocked amount.</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>

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

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<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

<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>Financial Statements of SCHMID Group for
the Six Months Ended June&nbsp;30, 2023 and 2022</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>7. Reversal of Impairments of Financial
Assets, NET, page&nbsp;F-56</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>14.</I></TD><TD STYLE="text-align: justify"><I>Clarify why it is appropriate
                                            to include the impairment reversal of &euro; 21,375,000, relating to receivables from the
                                            Silicon Group, in operating income. In your response, clarify the nature of the transactions
                                            that resulted in the initial recognition of these receivables.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>The Company respectfully advises the Staff that the Company and Silicon Group, a related party, had a business relationship
in which the parties began working together to offer a new concept to manufacturers which would ultimately benefit the Company if the
concept proved to be successful. The success of this new concept depended on the Silicon Group&rsquo;s ability to build a prototype plant;
however, the Silicon Group was a start-up business the time and required funding. The Company provided loans to the Silicon Group from
2010 to 2014 for which they recognized receivables.</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">In addition, the Company previously recognized
related-party income for administrative and IT related services performed for the Silicon Group, as well as various forms of operational
collaboration, such as carrying out laboratory projects and preparing case studies. However, as a result of the financial situation of
the Silicon Group the Company recorded an impairment of the receivables in 2014 through operating income given the operational nature
of the loans.</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">The Company respectfully advises the Staff that
given that the relationship between the Company and the Silicon Group was operational, the reversal of the impairment was recognized
in operating income, as it is the Company&rsquo;s policy to include impairments and the reversal of any impairments of the receivables
in a separate line item in accordance with IAS 1.82(ba).</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>10. Trade Receivables and Other Receivables,
page&nbsp;F-57</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>15.</I></TD><TD STYLE="text-align: justify"><I>Clarify whether the &euro;4,448,000
                                            receivable from the Silicon Group as of June&nbsp;30, 2023 was subsequently received. Otherwise,
                                            please clarify how you assessed recoverability of this receivable.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>The Company respectfully advises the Staff that full &euro;4,448,000 was received on September&nbsp;25, 2023. In
further response to the Staff&rsquo;s comment, the Company has updated note 15 with this information.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>16.</I></TD><TD STYLE="text-align: justify"><I>Clarify the nature of the
                                            &euro;10,625,000 million Other receivables balance as of June&nbsp;30, 2023 and how you assessed
                                            recoverability.</I></TD></TR></TABLE>

<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>

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<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>The Company respectfully advises the Staff that &euro;9.2 million of the &ldquo;Other receivables&rdquo; amount
is related to earnouts from previous transactions. The nature of the remaining balance is related to several individually immaterial
items. Of the &euro;9.2 million, the Company notes that &euro;4.5 million was settled on July&nbsp;28, 2023. The remaining &euro;4.7
million is due from shareholder Christian Schmid as a result of the sale of the Silicon Group. The Company has verified that the shareholder
has the necessary resources to settle the receivable. The receivables are planned to be settled prior to closing of the Business Combination.
In further response to the Staff&rsquo;s comment, the Company has both updated note 9 to explain that &euro;4.7 million of the balance
is due from a related party and has updated note 15 with the information that the &euro;4.5 million was repaid in July&nbsp;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; text-align: justify"><B><U>Financial Statements of SCHMID Group for
the Years Ended December&nbsp;31 2022 and 2021</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>1. Business Description, page&nbsp;F-69</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>17.</I></TD><TD STYLE="text-align: justify"><I>Your disclosure indicates
                                            that all of the legal entities disclosed in Note 2 were under common control of Gebr. SCHMID
                                            GmbH for all periods presented, except for two joint ventures which are accounted for using
                                            the equity method. Clarify the specific entities or individuals that own each of the legal
                                            entities disclosed in Note 2 and how they are under common control. Clarify the authoritative
                                            accounting literature upon which you are relying in determining common control and presenting
                                            combined financial statements.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>The Company respectfully advises the Staff that only the entities listed in the table within note 2 which are directly
controlled by Gebr. Schmid GmbH are included in the combination scope forming the perimeter of the reporting entity which prepared the
combined financial statements. One controlled entity, Schmid Thermal Systems Inc. (&ldquo;STI&rdquo;), which was sold in 2021, has been
excluded. Furthermore, the Company&rsquo;s non-controlling interest in an entity located in Turkey, Schmid Pekinta&scedil; G&uuml;ne&scedil;
Enerji Sistemleri &Uuml;retim Sanayi ve Ticaret A.S. (&ldquo;SPE-JV&rdquo;), has also been excluded from the perimeter of the reporting
entity. The rational for the exclusion of these entities is described below.</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>STI</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">STI&rsquo;s predecessor, SierraTherm Production
Furnaces,&nbsp;Inc. (&ldquo;SierraTherm&rdquo;), was established in 1992 by unrelated investors in the United States and specializes
in the production of thermal processing equipment primarily for the renewable energy sector with the photovoltaic industry representing
the largest portion. In 2006, the Company, through its US subsidiary, Schmid Systems Inc. (&ldquo;SSI&rdquo;, a company operating in
the photovoltaics industry as a supplier of wet processing machines) began a partnership with SierraTherm wherein SierraTherm would provide
activation and diffusion furnaces and SSI and Schmid would provide wet processing machines which would then both be used to equip and
install turn-key production lines principally for customers in the photovoltaic industry. In 2008 the Company acquired 66% of SierraTherm
Production Furnaces,&nbsp;Inc. and changed the name to Schmid Thermal Systems Inc. The Company acted as the lead contractual partner
for the turn-key business and was main purchaser of components and systems required to build the production lines. Suppliers included
STI and SSI, and other third-party subcontractors. Since inception of control and consolidation and throughout the controlling ownership,
STI maintained a portfolio of clients requiring thermal equipment and related services whom it served independently from the rest of
the Company.</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>

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<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

<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">Due to the nature of how the turn-key business
model functioned and differing technology platform of STI, the Company did not see a strategic need to integrate STI with the Schmid
Group. STI maintained a separate supply chains, differing technology, and was operated independently of the Company outside of the turn-key
business. Further, management and key personnel of STI comprised primarily those who were employed prior to the acquisition of a majority
stake by the Company. Day-to-day management and operations of STI continued to be conducted by these legacy management and employees
and remained relatively independent from management by the Company. STI also operated an independent sales organization and did not make
use of the Company&rsquo;s sales organization.</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">The Company and STI decided to cease the turn-key
business and the last turn-key project was completed in 2018. Thereafter, STI served primarily one photovoltaic manufacturer - who is
not a customer of the Company&rsquo;s core wet processing business - and generated revenue from the sale and servicing of thermal processing
equipment of &euro;31 million and &euro;28 million in fiscal 2021 and 2020, respectively. In 2020, the Company decided to sell STI and
in November&nbsp;2021 concluded the sale of STI to an investor group unrelated to the Company.</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>SPE-JV</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">SPE-JV was founded in 2014 as a joint venture
between the Company and the Turkey-based Pekintas Group, with each party owning 50%. SPE-JV manufactures and sells photovoltaic modules
in Turkey. SPE-JV uses automation technology of the Company in its production process. SPE-JV also sells and installs turn-key solar
power stations and provides related services to its customers. SPE-JV is operated autonomously from the Company&rsquo;s core business
and is managed by the Pekintas Group. As the Company does not control or joint control over SPE-JV, it has been accounted for historically
in accordance with IAS 28 under the equity method of accounting (i.e., it has not been a joint venture as defined and contemplated under
IFRS 11). A mutual agreement has been reached between the parties to the Business Combination Agreement (BCA) to exclude the SPE-JV from
the transaction. Accordingly, the Company&rsquo;s management is in the final stages of restructuring the ownership in SPE-JV, which will
be completed prior to the closing of the BCA. To complete this restructuring, the Company&rsquo;s stake in SPE-JV will be sold to a related
party controlled by one of the Company&rsquo;s shareholders.</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>Authoritative Guidance for Combined Financial
Statements</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">The IASB&rsquo;s Conceptual Framework (2008)
 &ndash; which is authoritative versus the Concept Statements underpinning US GAAP &ndash; has recognized the existence of IFRS combined
financial statements and its compliance with the principles and qualitative characteristics as contemplated and outlined in the IASB&rsquo;s
Conceptual Framework (Chapters 3.10 to 3.14 (The Reporting Entity) and related Basis for Conclusions BC 3.20-3.21). However,&nbsp;IFRS
does not have standards, interpretations or other guidance on the preparation of combined financial statements. In accordance with the
GAAP hierarchy as contemplated under IAS 8.10-12, it is possible to refer to other accounting standard frameworks if IFRS does not provide
any specific guidance and other accounting frameworks are consistent with the IASB&rsquo;s Conceptual Framework. The concept and the
preparation of combined financial statements is common and developed practice under US-GAAP. ASC 810-10-45-10 stipulates that Combined
Financial Statements can be prepared for a group of related entities such as a group of commonly controlled entities. SEC Financial Reporting
Manual, section 2065.3, outlines that the SEC Staff would accept the preparation of carve-out financial statements if it is impracticable
to prepare full financial statements as required by regulation S-X. These might be appropriate when the acquired business represents
a discrete activity of the selling entity for which assets and liabilities are specifically identifiable to the acquired business.</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>

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<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

<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>Analysis</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">STI and SPE-JV are dissimilar businesses compared
to the Company as described above. STI manufactures and sells thermal equipment, principally to photovoltaic manufacturers, while the
Company&rsquo;s core business within the photovoltaic industry is based on wet processing technology. SPE-JV is a manufacturer of photovoltaic
modules. In addition, the activities of these two entities have been independently conducted and were neither strategically nor operationally
integrated into the Company. The two entities also were historically managed and financed independently. Therefore, management excluded
the two entities from the combined financial statements.</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>6. Revenue From Contracts With Customers
and Cost of Sales, page&nbsp;F-84</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>18.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 30. Please revise your disclosure to clarify that long-term development, installation
                                            of machines, and extended warranty revenue are included in the &ldquo;Machines&rdquo; category
                                            and revenue from installations of modifications, repair services and inspections is included
                                            in the &ldquo;Service&rdquo; category.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment the Company has updated Note 6.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>19.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 33. Tell us what consideration you gave to disclosing the information required by
                                            paragraph 34 of IFRS 8, including the total amount of revenue recognized from each customer
                                            representing 10% or more of your total revenue.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>The Company respectfully advises the Staff that it has included details regarding the top two customers who individually
make up more than 10% of revenue for the year ended 2022 in Note 5. These details included the amount of revenue recognized for each
customer in both 2022 and 2021. In response to the Staff&rsquo;s comment, the Company has clarified the operating segments in which the
revenue is recorded.</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>

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<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

<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>23. Equity, page&nbsp;F-95</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>20.</I></TD><TD STYLE="text-align: justify"><I>Your disclosure indicates
                                            that an entity previously under common control was sold in November&nbsp;2021 and the net
                                            proceeds from the sale of &euro;13.1 million were reinvested in the company and presented
                                            within Owners&rsquo; Net Investment in the Combined Statements of Changes in Equity. Please
                                            further clarify your accounting for this transaction, including how the proceeds are reflected
                                            in your Statements of Cash Flow. Clarify if this entity was included in your combined financial
                                            statements prior to the sale, the carrying value of the net assets sold and any gain or loss
                                            recognized upon sale.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>As explained in the response to comment 17, the Company respectfully advises the Staff that the entity in question
was Schmid Thermal Systems Inc. (&ldquo;STI&rdquo;). The sale of the Company&rsquo;s the 66% stake in STI during 2021 resulted in net
proceeds of &euro;13.1 million comprised of &euro;5.3 million in cash and &euro;7.8 million from the forgiveness of inter-company payables
due to STI by the Company. The &euro;5.3 million cash received is reflected in the Statements of Cash Flow as a financing activity in
the line &ldquo;Transaction with shareholder&rdquo;. The total proceeds from the sale were recorded in equity and reflected in the Combined
Statements of Changes in Equity as a &ldquo;Transaction with shareholder&rdquo;.</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>Exhibits</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>21.</I></TD><TD STYLE="text-align: justify"><I>We note that you filed the
                                            fairness opinion as an exhibit; however, please also file a legal opinion as an exhibit to
                                            the registration statement. Refer to Item 21 of Part&nbsp;II of Instructions to Form&nbsp;F-4.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff&rsquo;s comment, in reference to Item 21 of Part&nbsp;II of the instructions to Form&nbsp;F-4,
a US tax opinion and a Dutch legal (corporate and tax) opinion provided by Clifford Chance are now included in exhibits to the registration
statement.</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>General</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>22.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 46. Please revise or explain how the potential impact of redemptions on the per share
                                            value of the shares owned by non-redeeming shareholders will remain the same or virtually
                                            the same across all three redemption levels.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff's comment, the Company respectfully notes that the potential impact of redemptions on the
per share value of the shares owned by non-redeeming shareholders in the tables provide in the registration statement is based on a different
premise than in certain other transactions. The BCA and the Second BCA Amendment agreed that 28,725,000 TopCo shares will be issued to
the Schmid shareholders at closing, while not agreeing on a fixed enterprise value. The implied equity value of 28,725,000 TopCo shares
at a USD 11.15 share price (as assumed in the revised fairness opinion) is USD 320,283,750. The table now provides values for each redemption
level based on the cash proceeds from the Trust Account accounting for transaction costs at closing. The disclosure has been revised
accordingly.</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>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt 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 -->11<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>23.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior
                                            comment 47. Please revise to disclose all possible sources and extent of dilution that shareholders
                                            who elect not to redeem their shares may experience in connection with the Business Combination
                                            and the impact of each significant source of dilution at each redemption level.</I></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company
Response: </B></FONT>In response to the Staff's comment, the disclosure has been revised to show all possible sources and the extent
of dilution that shareholders who elect not to redeem their shares may experience in connection with the Business Combination.</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">If you have any questions regarding the Amended
Registration Statement, please contact with George Hacket at +49 69 7199 3103 or george.hacket@cliffordchance.com or Axel Wittmann at
Axel.Wittmann@CliffordChance.com or under +49 69 7199 1528.</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">Sincerely,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">/s/ George Hacket</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%">c.c.</TD><TD STYLE="width: 45%; text-align: left"><FONT STYLE="font-size: 10pt"><I>Pegasus Digital Mobility Acquisition
                               Corp<BR>
                               Jeremy Mistry</I></FONT></TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

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    <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>

<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="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 90%"><IMG SRC="tm2227672d13_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Clifford
                                            Chance</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PARTNERSCHAFT MIT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BESCHR&Auml;NKTER BERUFSHAFTUNG</FONT></P></TD></TR>
</TABLE>

<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: center">Annex A</P>

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

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

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    <!-- Field: /Page -->

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

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