<SEC-DOCUMENT>0001140361-18-040852.txt : 20181121
<SEC-HEADER>0001140361-18-040852.hdr.sgml : 20181121
<ACCEPTANCE-DATETIME>20181018140159
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-18-040852
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20181018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERI Holdings, Inc.
		CENTRAL INDEX KEY:			0000890821
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				954484725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5000 RESEARCH COURT, SUITE 750
		CITY:			SUWANEE
		STATE:			GA
		ZIP:			30024
		BUSINESS PHONE:		770-935-4152

	MAIL ADDRESS:	
		STREET 1:		5000 RESEARCH COURT, SUITE 750
		CITY:			SUWANEE
		STATE:			GA
		ZIP:			30024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPATIALIZER AUDIO LABORATORIES INC
		DATE OF NAME CHANGE:	19950323
</SEC-HEADER>
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">October 18, 2018</div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>VIA EDGAR AND ELECTRONIC MAIL</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">U.S. Securities and Exchange Commission</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Division of Corporation Finance</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Office of Electronics and Machinery</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">100 F Street, N.E.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Washington, D.C. 20549</font></div>
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                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Re:</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Ameri Holdings, Inc.</font></div>
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      <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Amendment No. 1 Registration Statement on Form S-1</font></div>
      <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Filed September 25, 2018</font></div>
      <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">File No. 333-227011</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Ladies and Gentlemen:</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On behalf of Ameri Holdings, Inc., a Delaware corporation (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Company</u></font>&#8221;),

          we are hereby filing in electronic format through EDGAR with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>SEC</u></font>&#8221;) responses to the comments received from the staff of
          the SEC in its comment letter dated October 17, 2018 with respect to Amendment No. 1 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Amendment</u></font>&#8221;) to the above-referenced Registration Statement on Form S-1 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Registration Statement</u></font>&#8221;), for the resale of common stock of the Company.</font></div>
      <div><br>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As set forth below, certain responses in this letter include revisions to the Registration Statement, which is anticipated to be filed
          with the SEC promptly following the time we hear back from the SEC regarding our responses to the comments in this letter, pursuant to the Securities Act of 1933, as amended (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Securities

              Act</u></font>&#8221;), as Amendment No. 2 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Second Amendment</u></font>&#8221;) to the Registration Statement. Any capitalized terms used but not defined herein shall have the meaning
          ascribed to such term in the Amendment.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As previously communicated to the SEC staff, the Company is working to clear all comments to the Registration Statement and have it
          declared effective on or before October 23, 2018 in order to comply with certain contractual obligations and avoid significant monetary damages.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">A courtesy copy of this letter is being provided directly to the staff for its convenience (attention: Tim Buchmiller).</font></div>
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                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 18, 2018</div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Page <font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To facilitate the staff&#8217;s review, the SEC&#8217;s comments are reproduced before each of the Company&#8217;s responses thereto.&#160; All page numbers
          referred to in the responses in this letter correspond to the page numbers of the Amendment.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Amendment No. 1 to Form S-1 filed September 25, 2018</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Private Placement, page 3</u></font></font></div>
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                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">1.</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Please expand your response to prior comment 2 to clearly show us your calculations that result in the number of shares registered for sale. Also show
                      us how the total number of shares in the "Number of Shares Offered if No Adjustments are Made" column on page 35 was determined.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Response:</font>&#160; The maximum number of shares issuable
          pursuant to the Private Placement transaction documents, and thus the maximum number of shares registered for resale, was calculated using the minimum price per share of $0.29 with respect to (i) the total number of shares that are issuable under
          the Purchase Agreements taking into consideration the pre-funded Warrants that will give effect to the Price Adjustment, and (ii) the total number of Warrant Shares issuable upon exercise of the Purchaser Warrants (taking into consideration the
          effect of the Price Adjustment) and the Placement Agent Warrants (which do not get adjusted for any change in the Company&#8217;s stock price). Accordingly, (A) the maximum number of shares of common stock issuable under the Purchase Agreements is
          $6,600,000 (the total Private Placement consideration) divided by $0.29 (the floor price), which equals 22,758,621 shares, (B) the maximum number of shares of common stock issuable under the Warrants and the Placement Agent Warrants is equal to
          the sum of (i) the warrant coverage of 80% of the shares purchased (80% x 22,758,621 = 18,206,897) and (ii) 150,000 shares of stock that are issuable under the warrant given to the placement agent as part of its consideration for its services,
          resulting in an aggregate of 18,356,897, and (C) the aggregate maximum number of shares issuable in the transaction is 22,758,621 + 18,356,897 = 41,115,518.</font></div>
      <div><br>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company registered the maximum number of shares potentially issuable pursuant to the private placement warrants, which provide for
          adjustment of the number of shares ultimately issuable based on changes in the Company&#8217;s stock price, to ensure that all shares to be issued pursuant to the private placement warrants are registered. While the Company does not anticipate that its
          stock price will fall as low as the $0.29 &#8220;floor price&#8221; set forth in the Private Placement transaction documents and described in the Registration Statement, the Company believes it was appropriate to register an amount of shares consistent with
          the fixed floor price, which is not subject to change for any reason.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company confirms that the first Price Adjustment event (stockholder approval of the Private Placement) has occurred, and the
          Company&#8217;s stock price has remained above $1.11 since the closing of the Private Placement.&#160; The sooner the Registration Statement goes effective, the less likely the Company&#8217;s stock price will decline and result in additional shares being
          issuable pursuant to the adjustable Warrants.</font></div>
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                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 18, 2018</div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Page <font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In response to the SEC&#8217;s comment regarding how the total number of shares in the &#8220;Number of Shares Offered if No Adjustments are Made&#8221;
          column on page 35 was determined, the Company notes that the number of shares held by each selling stockholders in such column is equal to the number of shares held by such stockholder prior to registration of their shares for resale, because if
          the Company&#8217;s stock price sustained a price of $1.50 or higher for the six trading days after each Price Adjustment event, then the mechanism for adjustment of the number of shares issuable under the Warrants would not be triggered and the
          selling stockholders would not hold any additional shares than what they received pursuant to the Purchase Agreements and Warrants at Closing. The Company also notes that under no circumstance does the number of shares issuable under the
          Placement Agent Warrant change, as it does not have a Price Adjustment (as noted on page 5 of the Amendment).</font></div>
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                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">2.</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">We note your response to prior comments 2 and 3. It appears that the terms of the unregistered transaction, including the terms of the warrants and
                      the pre-funded warrants, operate in substance to postpone until after effectiveness the determination of the number of shares and the price per share to be issued to the selling stockholders. Therefore, it remains unclear why it is
                      appropriate to register the shares that are not yet outstanding for resale at this time. Please revise, or provide us your analysis of relevant authority on which you rely to conclude that the unregistered transaction is complete
                      under these circumstances.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Response:</font>&#160; The Company respectfully believes
          that the registration of the resale of the shares issuable to the selling stockholders upon exercise of the Warrants (including the pre-funded warrants and the Placement Agent Warrant) is appropriate and permitted under securities rules.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company believes the registration of the resale of the Warrant Shares is akin to the registration of convertible or exchangeable
          securities issued through a PIPE transaction. In a PIPE transaction, a company will be permitted to register the resale of securities prior to their issuance if the company has completed a Section 4(2)-exempt sale of the convertible security
          itself to the investor, and the investor is at market risk at the time of filing of the resale registration statement. Securities Act Compliance and Disclosure Interpretations Question 139.11 (&#8220;<font style="font-size: 10pt; font-family: 'Times
            New Roman';"><u>CD&amp;I 139.11</u></font>&#8221;) states that an investor must be irrevocably bound to purchase a set number of securities for a set purchase price that is not based on market price or a fluctuating ratio, either at the time of
          effectiveness of the resale registration or at any subsequent date under the PIPE analysis. Additionally, there can be no conditions to closing that are within an investor&#8217;s control, such as a due diligence or finance closing condition.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company and the selling stockholders completed the Private Placement upon the execution of the Purchase Agreements, resulting in
          gross proceeds to the Company of $6,600,000 and the selling stockholders receiving as many shares at the closing as was possible without violating Nasdaq share issuance limitations, with the as yet unissuable shares purchased subject to a
          prefunded warrant. The non-pre-funded Warrants were issued to the selling stockholders (other than the Placement Agent, which was issued as part of the Placement Agent&#8217;s compensation for its services and does not have a Price Adjustment) to
          provide the Company with the opportunity to receive additional proceeds upon the exercise of such Warrants while providing protection for the value of such selling stockholders&#8217; investment through the Price Adjustment.</font></div>
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                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 18, 2018</div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Page <font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Similar to a PIPE transaction contemplated by CD&amp;I 139.11, Company common stock and the Warrants were issued pursuant to a Section
          4(2) exempt transaction in which the terms of the issuance of the common stock and exercise of the Warrants for the Warrant Shares have been established with the number of Warrant Shares issuable upon exercise of the Warrants limited by a floor
          price. While the number of Warrant Shares and the exercise price of the Warrants is subject to change based on the market price of the Company&#8217;s common stock following certain events, the floor price is the fixed price limit regardless of whether
          the Company&#8217;s stock price falls below the floor, the number of shares issuable at the floor price is known and being registered and the Private Placement consideration is fixed and has been paid.&#160; The Price Adjustment mechanic allows the Company
          to issue fewer shares than in an alternative transaction pursuant to which the Company would have issued the maximum number of shares without any conditions at closing, which clearly would have been worse for the Company and its stockholders.
          Moreover, the selling stockholders cannot revoke their investment even if there are adverse developments impacting the Company, which, if such events had occurred prior to the closing of the Private Placement, would have resulted in the selling
          stockholders declining to participate in the Private Placement.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">There is no investment decision left to be made with respect to the acquisition of the common stock and Warrants by the selling
          stockholders and thus the selling stockholders are &#8220;irrevocably bound&#8221; to the terms and conditions set forth in the Purchase Agreements, the Warrants and the Registration Rights Agreement executed in connection with the Private Placement.
          Further, the selling stockholders have assumed the risk that the Company&#8217;s common stock will remain above the floor price and, given the historical limited trading volume for the Company&#8217;s common stock, as a practical matter, the selling
          stockholders will continue to bear the risk of a significant portion of their investment for a more extended period of time than would be the case for a more actively traded security.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company will receive the same aggregate exercise proceeds from the exercise of the Warrants, notwithstanding the Price Adjustment due
          to an exercise price reset included in the non-pre-funded Warrants. Thus, since the closing of the Private Placement, the proceeds to be received pursuant to the Private Placement transaction documents has been fixed, and the number of shares
          ultimately issuable to the selling stockholders and the Placement Agent at the closing and pursuant to the Warrants was also fixed by the floor price. Even if the Warrant Shares issuable pursuant to the Warrants are adjusted, the maximum number
          of shares issuable cannot be changed, the selling stockholders will continue to hold warrants representing approximately 80% of the shares intended to be purchased pursuant to the Purchase Agreements.&#160; There are no further investment decisions to
          be made by the selling stockholders, all conditions to closing the Private Placement were satisfied at the time the selling stockholders provided funds in exchange for common stock and the Warrants, the offering of the Company&#8217;s stock has been
          completed, the selling stockholders cannot terminate or rescind the Private Placement and there is no &#8220;put&#8221; to be exercised by the Company, up to 20% of the outstanding shares of the Company&#8217;s stock were issued to and held by the selling
          stockholders prior to the filing of the Registration Statement and all security holders who would be issued Warrant Shares in upon exercise of the Warrants have been named in the Registration Statement.</font></div>
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                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 18, 2018</div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Page <font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Please note that the staff in the past has permitted the resale of securities issuable pursuant to adjustable warrants held by selling
          stockholders. See Genprex, Inc., registration statement on Form S-1 (File No. 333-225090), declared effective on July 26, 2018, and Arcadia Biosciences, Inc., registration statement on Form S-3 (File No. 333-224893), declared effective on June 8,
          2018.&#160; Knowing that similar transactions had been completed by other companies, the Company determined that such transactions represented an efficient way for it to raise capital in a relatively short time frame and is eager for the Registration
          Statement to be cleared and declared effective so as to resolve the number of shares issuable pursuant to the Warrants, which it believes will be far less than the maximum subject to registration, as the Company&#8217;s stock price continues to remain
          significantly above the floor price. Accordingly, the Company respectfully submits that there is nothing about the circumstances of the sale of the common stock and Warrants that indicates that the Private Placement was anything other than it
          appears to be &#8212; a bona fide private placement of securities with sophisticated investors designed to meet the Company&#8217;s funding requirements.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Principal and Selling Stockholders, page 34</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">3.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Please clarify the fourth bullet point in your response to prior comment 4 given that your placement agent appears to be a selling stockholder. Also,
                      please expand your response regarding short positions so that it is not limited to the period ending upon public announcement of the unregistered transaction.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Response:</font>&#160; In response to the staff&#8217;s comment,
          the Second Amendment will include additional disclosure in the &#8220;Principal and Selling Stockholders&#8221; section clarifying that the placement agent is a FINRA and SEC-registered broker-dealer and received a warrant (which is not subject to adjustment
          for changes to the Company&#8217;s stock price) solely as compensation for acting as the placement agent in the Company&#8217;s private placement, and thus the placement agent was not, and is not, an underwriter for the shares underlying the warrant which
          are being registered for resale pursuant to the Registration Statement.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company also confirms that the each selling stockholder represented to the Company that no short sales were entered into, or would be
          entered into, from such time as such selling stockholder obtained knowledge that the Company was contemplating a private placement until such time as the purchased securities of the Company had been registered with the SEC pursuant to an
          effective registration statement or could otherwise be transferred pursuant to Rule 144 of the Securities Act.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Incorporation of Information by Reference, page 40</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z223ac636560b47a5895a403714548d76">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">4.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">We note your response to prior comment 5. If you are eligible to incorporate by reference and choose to do so, please list in the documents
                      incorporated by reference all proxy or information statements filed pursuant to Section 14 of the Exchange Act since December 31, 2017.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;">
          <table cellspacing="0" cellpadding="0" border="0" id="z8da6df51a02048699b4be05f8c4ee95c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 100.00%;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 18, 2018</div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Page <font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Response:</font>&#160; As requested by the staff, the Second
          Amendment will add to the list of documents incorporated by reference all preliminary proxies filed pursuant to Section 14 of the Exchange Act since December 31, 2017, as well as all other periodic reports filed by the Company since the last
          Amendment.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Signatures, page II-8</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z29b259ca1287452299130b82fcb21b08">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">5.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">We note your response to prior comment 7. Please include with your filing the power of attorney that grants authority to the attorney-in-fact who
                      signed your registration statement.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Response:</font>&#160; In response to this comment, the
          Company confirms that the signature page to the Second Amendment will be set forth a power of attorney and be signed by each director of the Company and each of the Company&#8217;s Chief Executive Officer and Chief Financial Officer.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
      <br>
    </div>
    <div><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font>
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000; text-align:
        center;">
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company hereby acknowledges that (i) should the SEC or the staff, acting pursuant to delegated authority, declare the filing
          effective, it does not foreclose the SEC from taking any action with respect to the Registration Statement; (ii) the action of the SEC or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the
          Company from its full responsibility for the adequacy and accuracy of the disclosure in the Registration Statement; and (iii) the Company may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated
          by the SEC or any person under the federal securities laws of the United States.</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Should any member of the SEC&#8217;s staff have any questions or desire any further information or clarification in respect of the Registration
          Statement, please do not hesitate to contact me at (212) 451-2289 or Jason Cabico at (212) 451-2395.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z58597881ab924dee8e378ba3d6eb2b44">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Very truly yours,</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">/s/ Adam W. Finerman</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Adam W. Finerman</font></div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; margin-left: 252pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z91b7ab71136b4db7843bac882c873fc5">

          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">cc:</font></div>
            </td>
            <td style="width: 94%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Mr. Brent Kelton</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">&#160;</td>
            <td style="width: 94%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Mr. Barry Kostiner</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
