<SEC-DOCUMENT>0001104659-21-154816.txt : 20221209
<SEC-HEADER>0001104659-21-154816.hdr.sgml : 20221209
<ACCEPTANCE-DATETIME>20211230181058
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-154816
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Snail, Inc.
		CENTRAL INDEX KEY:			0001886894
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				271157839
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		12049 JEFFERSON BOULEVARD
		CITY:			CULVER CITY
		STATE:			CA
		ZIP:			90230
		BUSINESS PHONE:		1 (310) 928-7428

	MAIL ADDRESS:	
		STREET 1:		12049 JEFFERSON BOULEVARD
		CITY:			CULVER CITY
		STATE:			CA
		ZIP:			90230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Snail Games USA, Inc.
		DATE OF NAME CHANGE:	20211006
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 20%"><FONT STYLE="color: Black"><IMG SRC="tm2128835d4_corresplogo.jpg" ALT="" STYLE="height: 18px; width: 105px"></FONT></TD>
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #140be3"><FONT STYLE="color: Black">Byron
                                            B. Rooney</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #140be3"><FONT STYLE="color: Black">+1 212 450 4658</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #140be3"><FONT STYLE="color: Black">byron.rooney@davispolk.com</FONT></P></TD>
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #140be3"><FONT STYLE="color: Black">Davis
                                            Polk&nbsp;&amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #140be3"><FONT STYLE="color: Black">450 Lexington Avenue<BR>
    New York, NY 10017</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #140be3"><FONT STYLE="color: Black">davispolk.com</FONT></P></TD>
    <TD STYLE="text-align: right; width: 30%"><P STYLE="margin: 0; text-align: right">CONFIDENTIAL&nbsp;</P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;30,
2021</FONT></P>



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

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  <TR>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Snail Games
    USA Inc.<BR>
    Draft Registration Statement on Form&nbsp;S-1<BR>
    Submitted on November&nbsp;4, 2021<BR>
    CIK No.&nbsp;0001886894</FONT></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">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Technology<BR>
100 F Street, N.E., Room 4415<BR>
Washington, DC 20549-4631</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: 0.5in">Att&rsquo;n:</TD><TD>Joseph Kempf<BR>
Robert Littlepage<BR>
Patrick Faller<BR>
Jeff Kauten</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">Ladies and Gentlemen:</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"><FONT STYLE="font-size: 10pt">On behalf of our client, </FONT>Snail
Games USA Inc., a California corporation (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>Snail</B>&rdquo;), we are responding to the comments
from the Staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) relating
to the Company&rsquo;s confidential draft Registration Statement on Form&nbsp;S-1 (CIK No.&nbsp;0001886894) (the &ldquo;<B>Registration
Statement</B>&rdquo;) contained in the Staff&rsquo;s letter dated December&nbsp;2, 2021. The Company has revised the Registration Statement
and is confidentially submitting a revised draft of the Registration Statement (&ldquo;<B>Submission No.&nbsp;2</B>&rdquo;) together with
this response letter. Submission No.&nbsp;2 also contains certain additional updates and revisions. We are also sending, under separate
cover, a copy of Submission No.&nbsp;2 (including exhibits filed therewith) and three marked copies of Submission No.&nbsp;2 showing changes
to the Registration Statement confidentially submitted on November&nbsp;4, 2021.</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">Set forth below are the Company&rsquo;s responses to the Staff&rsquo;s
comments. For convenience, the Staff&rsquo;s comments are repeated below in italics, followed by the Company&rsquo;s responses to the
comments. Where applicable, we have included page&nbsp;numbers to refer to the location in Submission No.&nbsp;2 where revised language
addressing a particular comment appears. Capitalized terms used but not defined herein are used as defined in Submission No.&nbsp;2.</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"><U>Draft Registration Statement on Form&nbsp;S-1</U></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"><FONT STYLE="font-size: 10pt"><U>Prospectus Summary</U></FONT><U><BR>
Overview, page&nbsp;1</U></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"></TD><TD STYLE="width: 0.5in">1.</TD><TD><I>Please disclose that you generate the substantial majority of your revenues from your ARK franchise and disclose the percentage
of your revenues generated from this franchise for the periods presented.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;1, 48, and 67 to include the
percentage of revenues generated from <I>ARK: Survival Evolved</I> for the periods presented.</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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    <TD STYLE="padding-bottom: 0.05in; width: 50%"><FONT STYLE="color: Black"><IMG SRC="tm2128835d4_corresplogo.jpg" ALT="" STYLE="height: 18px; width: 105px"></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 50%">CONFIDENTIAL<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE 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"></TD><TD STYLE="width: 0.5in">2.</TD><TD><I>Please disclose the basis for your statements that you are a leading developer and publisher of interactive digital entertainment
and that you are a category leader in sandbox survival games. Clarify the criteria on which you based these statements, such as revenue
or number of customers or market share.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;1, 48, and 67.</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"></TD><TD STYLE="width: 0.5in">3.</TD><TD><I>Please define your reference to daily active users.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;1, 48, and 67.</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"></TD><TD STYLE="width: 0.5in">4.</TD><TD><I>Please disclose the source of your statements regarding the global gaming industry in this section.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure within &ldquo;Summary&rdquo; and &ldquo;Business&rdquo;
to disclose the sources of the Company&rsquo;s statements regarding the gaming 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"><U>We rely on license agreements to publish certain games..., page&nbsp;14</U></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"></TD><TD STYLE="width: 0.5in">5.</TD><TD><I>Please disclose that the terms or other aspects of your license agreement with Studio Wildcard may differ from those which would
be negotiated with independent parties.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;14 and 15.</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"><U>Key Performance Metrics and Non-GAAP Measures Units<BR>
Sold,
page&nbsp;51</U></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"></TD><TD STYLE="width: 0.5in">6.</TD><TD><I>Please revise to address any known underlying material trends related to the substantial increase in units sold in Q4 2020.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT>
The Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;51, 52 and 53 to note
the impact that holiday-related promotions have historically had on the Company&rsquo;s performance, including in Q4 2020.</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"><U>Adjusted EBITDA, page&nbsp;53</U></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"></TD><TD STYLE="width: 0.5in">7.</TD><TD><I>We note that you added back the license costs in 2020 to Adjusted EBITDA in order to be consistent with the previous year presentation.
However, it appears this adjustment may result in a non-GAAP performance measure that excludes normal, recurring, cash operating expenses.
Please revise or advise us. We refer you to the guidance in the answer to Question 100.01 of the Division's non-GAAP C&amp;DIs.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and has removed license costs from its calculation of Adjusted EBITDA,
including the portion contained within &ldquo;Amortization&mdash;intangible assets (other).&rdquo; Consequently, Amortization&mdash;intangible
assets (other), as presented, contains amortization relating to trademark, in-progress patents, software and the analytics technology
from the purchase price allocation of a prior acquisition.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Components of our Results of Operation, page&nbsp;54</U></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"></TD><TD STYLE="width: 0.5in">8.</TD><TD><I>Please identify the top platform providers presented in the table disclosing the proportion of total net revenue associated with
each platform provider.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that the Company will respond to this comment in
a subsequent amendment of 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"><U>Liquidity and Capital Resources, page&nbsp;58</U></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"></TD><TD STYLE="width: 0.5in">9.</TD><TD><I>Please file the loan agreements described in this section as exhibits to your registration statement. Refer to Item 601(b)(10)&nbsp;of
Regulation S-K.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and has filed its loan agreements as Exhibits 10.2 and 10.3.</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"><U>Loans to related parties, page&nbsp;59</U></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"></TD><TD STYLE="width: 0.5in">10.</TD><TD><I>Please disclose the Company's business purpose in being a party to a line of credit note with Mr.&nbsp;Shi. Also disclose if Mr.&nbsp;Shi
intends to repay the loans. If so, specify when and clarify if the loans will be repaid in cash.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that, prior to the public filing of the Registration
Statement, the Company intends to distribute the line of credit note with Mr.&nbsp;Shi (the &ldquo;<B>Shi Loan</B>&rdquo;) to the Company&rsquo;s
corporate parent, which will not be consolidated within the Company upon the Company&rsquo;s initial public offering, will assume the
loan and thereafter be the creditor to the debt obligation. Following this transaction, the Shi Loan will no longer appear on the Company&rsquo;s
consolidated balance sheet. In light of the plan to distribute the Shi Loan to an entity that will not be consolidated within the Company
upon its initial public offering, the Company respectfully advises the Staff that it does not consider the business purpose of the Shi
Loan to be relevant to investors.</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"><U>Compensation Discussion and Analysis<BR>
Employment Arrangements,
page&nbsp;81</U></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"></TD><TD STYLE="width: 0.5in">11.</TD><TD><I>Please file the offer letter with Ms.&nbsp;Chow as an exhibit to your registration statement. Refer to Item 601(b)(iii)(A)&nbsp;of
Regulation S-K.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and has filed the offer letter for Ms.&nbsp;Chow as Exhibit&nbsp;10.6.</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 0pt 0.5in"><B><I>Certain Relationships and Related Party
Transactions License Agreements, page&nbsp;84</I></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"></TD><TD STYLE="width: 0.5in">12.</TD><TD><I>Please file the license agreements with SDE Inc. and Suzhou Snail Digital Technology Co. as exhibits to your registration statement.
Refer to Item 601(b)(10)(ii)(A)&nbsp;of Regulation S-K.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment. The Company is currently renegotiating its license agreement with SDE Inc.
(&ldquo;<B>SDE</B>&rdquo;) and will file that license agreement in a subsequent amendment of the Company&rsquo;s Registration Statement
on Form&nbsp;S-1. With respect to the Company&rsquo;s license agreements with Suzhou Snail Digital Technology Co. (&ldquo;<B>Suzhou Snail</B>&rdquo;),
the Company respectfully advises the Staff that such license agreements concern the Company&rsquo;s mobile games, which do not materially
contribute to the results of the Company for the periods presented.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Description of Capital Stock<BR>
</U></FONT><U>Common
Stock, page&nbsp;86</U></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"></TD><TD STYLE="width: 0.5in">13.</TD><TD><I>Please disclose the instances in which the holders of the Class&nbsp;A and Class&nbsp;B common stock will vote as a separate class.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment. The Company will address the Staff&rsquo;s comment in a subsequent amendment
of the Company&rsquo;s Registration Statement on Form&nbsp;S-1.</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"><FONT STYLE="font-size: 10pt"><U>Underwriting<BR>
</U></FONT><U>No Sales
of Similar Securities, page&nbsp;96</U></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"></TD><TD STYLE="width: 0.5in">14.</TD><TD><I>Please disclose the exceptions to the lock-up agreements with your officers, directors and other existing security holders.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment. The terms and exceptions to the lock-up agreements with the Company&rsquo;s
officers, directors and other security holders are presently subject to ongoing negotiation. The Company will address the Staff&rsquo;s
comment in a subsequent amendment of the Company&rsquo;s Registration Statement on Form&nbsp;S-1.</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"><FONT STYLE="font-size: 10pt"><U>Financial</U></FONT><U>
Statements<BR>
Consolidated Statements of Operations and Comprehensive Income (Loss), page&nbsp;F-4</U></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"></TD><TD STYLE="width: 0.5in">15.</TD><TD><I>Reclassify the amounts reported within the line-item &ldquo;Salaries and Wages&rdquo; to the appropriate functional expense line
items, e.g. Cost of revenues, General and administrative,&nbsp;etc., pursuant to Rule&nbsp;5-03 of Regulation S-X.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that the majority of the Company&rsquo;s subsidiaries
are not in game development except Donkey Crew sp. z.o.o., the Company&rsquo;s subsidiary in Poland, which developed <I>Last Oasis</I>
in the first quarter of 2020. The Company has included these salaries and wages in research and development, and the remaining salaries
and wages in general and administrative expense on page&nbsp;F-4.</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"><U>Notes to Consolidated Financial Statements<BR>
Note 1.
Presentation and Nature of Operations, page&nbsp;F-7</U></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"></TD><TD STYLE="width: 0.5in">16.</TD><TD><I>We note the Company is a wholly owned subsidiary of Suzhou Snail Digital Technology Co.,&nbsp;Ltd. Please revise the Company&rsquo;s
historical income statements to reflect all of its costs of doing business. In this regard, any expenses incurred by the parent that are
clearly applicable to the Company should be reflected in its income statements. Also, a reasonable method of allocating common expenses,
such as rent, taxes, data center, and marketing costs should be utilized. Fully comply with the accounting and disclosure guidance in
SAB Topic 1:B and advise us.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response: </B></FONT>The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that the Company has license agreements with Suzhou
Snail, according to which the Company pays a license fee to obtain the right to sell Suzhou Snail&rsquo;s games and also pays a certain
percentage of monthly royalties to Suzhou Snail. The Company pays for its own marketing and data center costs, and all costs of doing
business are reflected in the consolidated financial statements. There are no expenses incurred on the Company&rsquo;s behalf by Suzhou
Snail. The Company does not bear any of the additional rent or taxes associated with the licensed games, since those are costs for Suzhou
Snail. The terms of the license agreements fully cover the costs associated with the licensed games between the Company and Suzhou Snail.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 2. Summary of Significant Accounting Policies<BR>
Revenue
Recognition, page&nbsp;F-8</U></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"></TD><TD STYLE="width: 0.5in">17.</TD><TD><I>We note that you rely on third-party advertising partners to display advertisements within your mobile phone games. Tell us whether
your advertising revenues are material; and, if so, disclose how you account for such revenues. Disclose whether material advertising
revenues are reported on gross or net basis and explain why. Separately disclose revenue from contracts with customers separately from
other sources of revenues in accordance with ASC 606-10-50-4a.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that the Company does not have material advertising
revenues. The Company&rsquo;s advertising revenue for the years ended December&nbsp;31, 2020 and 2019 accounted for $415,052 and $536,837
or 0.33% and 0.62% of total net revenue, respectively.</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"></TD><TD STYLE="width: 0.5in">18.</TD><TD><I>Tell us whether your subscription service revenues are material and, if so, disclose how you account for them.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that the Company does not have subscription service
revenue. Instead, the Company entered into an agreement with the platform which provides subscription services to end users to allow users
to play any of the games within the subscription channel, and the Company&rsquo;s game is one of the games in their subscription channel.
In return, the Company received a one-time payment from the platform in the amount of $30 million to have the Company&rsquo;s game on
the subscription channel for a period of three years. The Company amortizes the revenue on a straight-line basis for a period of three
years. There are no other performance obligations under this arrangement.</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"><FONT STYLE="font-size: 10pt"><U>Research</U></FONT><U> and Development,
page&nbsp;F-11</U></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"></TD><TD STYLE="width: 0.5in">19.</TD><TD><I>We note that Studio Wildcard, a subsidiary of SDE Inc., is currently developing ARK 2 games. With a view toward enhanced disclosure,
describe for us your research and development contracts, arrangements and understandings with related parties and with unrelated third
parties, as applicable. Explain how ARK 2 and other game research and development projects will be funded. Tell us the extent to which
Snail directly or indirectly provides such funding.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that the Company does not enter into contracts or arrangements
with third-party production studios to fund or otherwise control the research and development of future game titles. To date, all third-party
production studios from whom the Company has subsequently licensed rights to games have funded all research and development costs themselves.
The Company also respectfully advises the Staff that the amended and restated license agreement with SDE is expected to address rights
of first refusal with respect to future gaming titles.</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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    <TD STYLE="padding-bottom: 0.05in; width: 50%"><FONT STYLE="color: Black"><IMG SRC="tm2128835d4_corresplogo.jpg" ALT="" STYLE="height: 18px; width: 105px"></FONT></TD>
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<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"><U>Note 5. Accounts Receivable - Related Party, page&nbsp;F-18</U></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"></TD><TD STYLE="width: 0.5in">20.</TD><TD><I>We note from your disclosure that you license gaming rights from a related party, yet this related party owes you unremitted gaming
royalties in the ordinary course of business. Please explain why the Company is owed royalties. Describe the transactions from which these
receivables arose. Also, disclose the receivables' repayment terms.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on page&nbsp;F-18. The Company advises the
Staff that the Accounts Receivable &ndash; Related Party represents the gaming revenue generated from the ARK mobile platforms, which,
due to administrative reasons, is deposited in an account held by the licensor, SDE, but has not fully remitted the payment back to the
Company. These are ordinary course of business transactions with payment terms of due on demand, which are included in Accounts Receivable
 &ndash; Related Party.</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"><FONT STYLE="font-size: 10pt"><U>Note 10. </U></FONT><U>Intangible
Assets, page&nbsp;F-19</U></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"></TD><TD STYLE="width: 0.5in">21.</TD><TD><I>We note that substantially all of your licensing rights were obtained from related parties. Tell us and disclose how you determined
the carrying values and the related fair values of these licensing rights intangible assets.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that we determined our carrying values based on the
projected cash flow generated from the gaming revenue, quoted market values and third-party independent appraisals. The Company also performs
a transfer pricing study biannually to ensure that the license rights are arms-length transaction with the related parties.</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"><U>General</U></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"></TD><TD STYLE="width: 0.5in">22.</TD><TD><I>We note that you have business operations in China and your related risk factor disclosure on pages&nbsp;29, 33 and 34. Please
describe your China-based business operations in greater detail and expand your discussion of the risks relating to your China-based operations.
Also, tell us the percentage of your revenue you generate from China-based customers.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response</B></FONT><B>:</B>
The Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that it has no business operations in China, however
the Company licenses intellectual property in support of certain of its mobile games from Chinese entities affiliated with the Company&rsquo;s
current ultimate corporate parent. The revenue derived from such games does not materially contribute to the financial performance of
the Company. The Company generated 7% of its revenue from China-based customers for the year ended December&nbsp;31, 2020. Consequently,
the Company respectfully advises the Staff that it believes the existing risk factor disclosure adequately addresses risks relating to
China.</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-bottom: 0.05in; width: 50%"><FONT STYLE="color: Black"><IMG SRC="tm2128835d4_corresplogo.jpg" ALT="" STYLE="height: 18px; width: 105px"></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 50%">CONFIDENTIAL<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE 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"></TD><TD STYLE="width: 0.5in">23.</TD><TD><I>Please supplementally provide us with copies of all written communications, as defined in Rule&nbsp;405 under the Securities Act,
that you, or anyone authorized to do so on your behalf, present to potential investors in reliance on Section&nbsp;5(d)&nbsp;of the Securities
Act, whether or not they retain copies of the communications.</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 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT> The
Company respectfully acknowledges the Staff&rsquo;s comment and will supplementally provide any such written communications to the Staff
under cover of a separate letter.</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: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We hope the foregoing answers are responsive
to your comments. Please do not hesitate to contact me at (212) 450-4658 (byron.rooney@davispolk.com) or John Runne at (212) 450-3278
(</FONT>john.runne@davispolk.com) if you have any questions regarding the foregoing or if we may provide any additional information.</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">Very truly yours,</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">&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="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/ Byron Rooney</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Heidy Chow</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Jim Tsai</TD></TR>
     </TABLE>

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

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