# EDGAR Filing Document

**Accession Number:** 0001838615
**File Stem:** 0000000000-23-001711
**Filing Date:** 2023-2
**Character Count:** 21607
**Document Hash:** f65fe251a51f82bc5ae2e25185033500
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001711.hdr.sgml**: 20230628

**ACCESSION NUMBER**: 0000000000-23-001711

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230221

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AlTi Global, Inc.
- **CENTRAL INDEX KEY:** 0001838615
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 520 MADISON AVE
- **STREET 2:** 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-461-6363

**MAIL ADDRESS:**
- **STREET 1:** 520 MADISON AVE
- **STREET 2:** 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alvarium Tiedemann Holdings, Inc.
- **DATE OF NAME CHANGE:** 20230104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cartesian Growth Corp
- **DATE OF NAME CHANGE:** 20201231
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-23-017724

## Text-Extract

```

United States securities and exchange commission logo

                             February 21, 2023

       Michael Tiedemann
       Chief Executive Officer
       Alvarium Tiedemann Holdings, Inc.
       520 Madison Avenue, 21 st Floor
       New York, NY 10022

                                                        Re: Alvarium Tiedemann
Holdings, Inc.
                                                            Registration
Statement on Form S-1
                                                            Filed January 27,
2023
                                                            File No. 333-269448

       Dear Michael Tiedemann:

              We have limited our review of your registration statement to
those issues we have
       addressed in our comments. In some of our comments, we may ask you to
provide us with
       information so we may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form S-1

       General

   1.                                                   It appears that the
price of your common stock has fluctuated significantly in the last
                                                        several months after
completion of the merger transaction. Please revise your disclosure to
                                                        address high price
volatility, potential causes of such volatility, if known, and add a
                                                        separately captioned
risk factor to describe the risk to investors. In addition, on the
                                                        prospectus cover page,
disclose the following:
                                                            describe the recent
price volatility in your stock and briefly disclose any known risks
                                                             of investing in
your stock under these circumstances;
                                                            for comparison
purposes, disclose the market price of your common stock prior to the
                                                             recent price
volatility in your stock; and
                                                            describe any recent
change in your financial condition or results of operations, such
 Michael Tiedemann
FirstName LastNameMichael Tiedemann
Alvarium Tiedemann Holdings, Inc.
Comapany21,
February  NameAlvarium
            2023        Tiedemann Holdings, Inc.
February
Page 2 21, 2023 Page 2
FirstName LastName
              as your earnings, revenues or other measure of company value that
is consistent with
              the recent change in your stock price. If no such change to your
financial condition or
              results of operations exists, disclose that fact.
2.       Revise your prospectus to highlight any differences in the current
trading price, the prices
         that the Sponsor, private placement investors, PIPE investors, and
other selling
         securityholders acquired their shares and warrants, and the price at
which the public
         securityholders acquired their shares and warrants. Disclose, if true,
that while the
         Sponsor, private placement investors, PIPE investors, and other
selling securityholders
         may experience a positive rate of return based on the current trading
price, the public
         securityholders may not experience a similar rate of return on the
securities they
         purchased due to differences in the purchase prices and the current
trading price. Please
         also disclose the potential profit the selling securityholders will
earn based on the current
         trading price. Lastly, please include appropriate risk factor
disclosure.
3.       Please revise to update your disclosures throughout the filing and
address areas that
         appear to need updating or that present inconsistencies. Non-exclusive
examples of areas
         where disclosure should be updated are as follows:
             you refer to "[your] estimated financial position and results of
operations" on page
             47;
             you disclose on page 62 "pro forma condensed combined financial
statements do not
             give affect to any anticipated operating efficiencies or cost
savings that may be
             associated with the business combination";
             you disclose that you "believe that following the Closing of the
Business
             Combination, the sources of liquidity discussed above will
continue to be sufficient to
             fund [your] working capital requirements" on pages 108 and 134;
             your disclosure that "following the Business Combination, you will
be subject to U.S.
             federal and state income taxes" on pages 110 and 136;
             your list of named executives "who will be named executive
officers ... of the
             Company following Business Combination" on page 236; and
             you disclose on page 47 that "future resales" of shares after the
consummation of the
             business combination may cause your market price to drop
significantly. This
             statement should be updated given that this prospectus is
facilitating those sales.
Cover page

4.       For each of the shares and warrants being registered for resale,
disclose the price that the
         selling securityholders paid for such shares and warrants.
5.       Disclose the exercise price of the warrants compared to the market
price of the underlying
         securities. If the warrants are out the money, please disclose the
likelihood that warrant
         holders will not exercise their warrants and provide similar
disclosure in the prospectus
         summary, risk factors, MD&A and use of proceeds section and disclose
that cash proceeds
         associated with the exercises of the warrants are dependent on the
stock price. As
         applicable, describe the impact on your liquidity and update the
discussion on the ability
 Michael Tiedemann
FirstName LastNameMichael Tiedemann
Alvarium Tiedemann Holdings, Inc.
Comapany21,
February  NameAlvarium
            2023        Tiedemann Holdings, Inc.
February
Page 3 21, 2023 Page 3
FirstName LastName
         of your company to fund your operations on a prospective basis with
your current cash on
         hand.
6.       Please disclose the number of shares representing your public float.
State, if true, that the
         shares being registered for resale exceed your public float and state
the percentage of your
         public float that the shares being offered for resale represent. We
also note that all of the
         shares being registered for resale were purchased by the selling
securityholders for prices
         considerably below the current market price of the Class A common
stock. Highlight the
         significant negative impact sales of shares on this registration
statement could have on the
         public trading price of the Class A common stock.
Risk Factors, page 7

7.       Include an additional risk factor highlighting the negative pressure
potential sales of
         shares pursuant to this registration statement could have on the
public trading price of the
         Class A common stock. To illustrate this risk, disclose the purchase
price of the securities
         being registered for resale and the percentage that these shares
currently represent of the
         total number of shares outstanding. Also disclose that even though the
current trading
         price is below the SPAC IPO price, the private investors have an
incentive to sell because
         they will still profit on sales because of the lower price that they
purchased their shares
         than the public investors.
Management's Discussion and Analysis of Financial Condition and Results of
Operations, page
138

8.       We note that the projected Economic Revenue for 2022 were $246.8
million, as set forth
         in the unaudited prospective financial information management prepared
and provided to
         the Cartesian Growth Corporation's Board in connection with the
evaluation of the
         Business Combination. We also note that your actual net income for the
Nine Months
         Ended September 30, 2022 appears to be significantly lower than the
projected Economic
         Revenue, and as such it appears that you will miss your 2022 revenue
projection. If
         applicable, please update your disclosure in Liquidity and Capital
Resources, and
         elsewhere, to provide updated information about the company   s
financial position and
         further risks to the business operations and liquidity in light of
these circumstances.
9.       In light of the significant number of redemptions and the unlikelihood
that the company
         will receive significant proceeds from exercises of the warrants
because of the disparity
         between the exercise price of the warrants and the current trading
price of the Class A
         common stock, expand your discussion of capital resources to address
any changes in the
         company   s liquidity position since the business combination. If the
company is likely to
         have to seek additional capital, discuss the effect of this offering
on the company   s ability
         to raise additional capital.
10.      Please expand your discussion here to reflect the fact that this
offering involves the
         potential sale of a substantial portion of shares for resale and
discuss how such sales could
         impact the market price of the company   s common stock. Your
discussion should
 Michael Tiedemann
Alvarium Tiedemann Holdings, Inc.
February 21, 2023
Page 4
      highlight the fact that the selling shareholders will be able to sell all
of their shares for so
      long as the registration statement of which this prospectus forms a part
is available for
      use.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Tonya K. Aldave at (202) 551-3601 or Susan Block at (202)
551-3210
with any questions.

                                                               Sincerely,
FirstName LastNameMichael Tiedemann
                                                               Division of
Corporation Finance
Comapany NameAlvarium Tiedemann Holdings, Inc.
                                                               Office of
Finance
February 21, 2023 Page 4
cc:       Samantha Kirby, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 21, 2023

Michael Tiedemann
Chief Executive Officer
Alvarium Tiedemann Holdings, Inc.
520 Madison Avenue, 21 st Floor
New York, NY 10022

**Re: Alvarium Tiedemann Holdings, Inc.**
**Registration Statement on Form S-1**
**Filed January 27, 2023**
**File No. 333-269448**

Dear Michael Tiedemann:

We have limited our review of your registration statement to those issues we have addressed in our comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Registration Statement on Form S-1

General

1. It appears that the price of your common stock has fluctuated significantly in the last several months after completion of the merger transaction. Please revise your disclosure to address high price volatility, potential causes of such volatility, if known, and add a separately captioned risk factor to describe the risk to investors. In addition, on the prospectus cover page, disclose the following:
- describe the recent price volatility in your stock and briefly disclose any known risks of investing in your stock under these circumstances;
- for comparison purposes, disclose the market price of your common stock prior to the recent price volatility in your stock; and
- describe any recent change in your financial condition or results of operations, such

Michael Tiedemann
Alvarium Tiedemann Holdings, Inc.
February 21, 2023
Page 2

as your earnings, revenues or other measure of company value that is consistent with the recent change in your stock price. If no such change to your financial condition or results of operations exists, disclose that fact.

2. Revise your prospectus to highlight any differences in the current trading price, the prices that the Sponsor, private placement investors, PIPE investors, and other selling securityholders acquired their shares and warrants, and the price at which the public securityholders acquired their shares and warrants. Disclose, if true, that while the Sponsor, private placement investors, PIPE investors, and other selling securityholders may experience a positive rate of return based on the current trading price, the public securityholders may not experience a similar rate of return on the securities they purchased due to differences in the purchase prices and the current trading price. Please also disclose the potential profit the selling securityholders will earn based on the current trading price. Lastly, please include appropriate risk factor disclosure.

3. Please revise to update your disclosures throughout the filing and address areas that appear to need updating or that present inconsistencies. Non-exclusive examples of areas where disclosure should be updated are as follows:
- you refer to "[your] estimated financial position and results of operations" on page 47;
- you disclose on page 62 "pro forma condensed combined financial statements do not give affect to any anticipated operating efficiencies or cost savings that may be associated with the business combination";
- you disclose that you "believe that following the Closing of the Business Combination, the sources of liquidity discussed above will continue to be sufficient to fund [your] working capital requirements" on pages 108 and 134;
- your disclosure that "following the Business Combination, you will be subject to U.S. federal and state income taxes" on pages 110 and 136;
- your list of named executives "who will be named executive officers ... of the Company following Business Combination" on page 236; and
- you disclose on page 47 that "future resales" of shares after the consummation of the business combination may cause your market price to drop significantly. This statement should be updated given that this prospectus is facilitating those sales.

Cover page

4. For each of the shares and warrants being registered for resale, disclose the price that the selling securityholders paid for such shares and warrants.

5. Disclose the exercise price of the warrants compared to the market price of the underlying securities. If the warrants are out the money, please disclose the likelihood that warrant holders will not exercise their warrants and provide similar disclosure in the prospectus summary, risk factors, MD&A and use of proceeds section and disclose that cash proceeds associated with the exercises of the warrants are dependent on the stock price. As applicable, describe the impact on your liquidity and update the discussion on the ability

Michael Tiedemann
Alvarium Tiedemann Holdings, Inc.
February 21, 2023
Page 3

of your company to fund your operations on a prospective basis with your current cash on hand.

6. Please disclose the number of shares representing your public float. State, if true, that the shares being registered for resale exceed your public float and state the percentage of your public float that the shares being offered for resale represent. We also note that all of the shares being registered for resale were purchased by the selling securityholders for prices considerably below the current market price of the Class A common stock. Highlight the significant negative impact sales of shares on this registration statement could have on the public trading price of the Class A common stock.

Risk Factors, page 7

7. Include an additional risk factor highlighting the negative pressure potential sales of shares pursuant to this registration statement could have on the public trading price of the Class A common stock. To illustrate this risk, disclose the purchase price of the securities being registered for resale and the percentage that these shares currently represent of the total number of shares outstanding. Also disclose that even though the current trading price is below the SPAC IPO price, the private investors have an incentive to sell because they will still profit on sales because of the lower price that they purchased their shares than the public investors.

Management's Discussion and Analysis of Financial Condition and Results of Operations, page 138

8. We note that the projected Economic Revenue for 2022 were $246.8 million, as set forth in the unaudited prospective financial information management prepared and provided to the Cartesian Growth Corporation's Board in connection with the evaluation of the Business Combination. We also note that your actual net income for the Nine Months Ended September 30, 2022 appears to be significantly lower than the projected Economic Revenue, and as such it appears that you will miss your 2022 revenue projection. If applicable, please update your disclosure in Liquidity and Capital Resources, and elsewhere, to provide updated information about the company's financial position and further risks to the business operations and liquidity in light of these circumstances.

9. In light of the significant number of redemptions and the unlikelihood that the company will receive significant proceeds from exercises of the warrants because of the disparity between the exercise price of the warrants and the current trading price of the Class A common stock, expand your discussion of capital resources to address any changes in the company's liquidity position since the business combination. If the company is likely to have to seek additional capital, discuss the effect of this offering on the company's ability to raise additional capital.

10. Please expand your discussion here to reflect the fact that this offering involves the potential sale of a substantial portion of shares for resale and discuss how such sales could impact the market price of the company's common stock. Your discussion should

Michael Tiedemann
Alvarium Tiedemann Holdings, Inc.
February 21, 2023
Page 4

highlight the fact that the selling shareholders will be able to sell all of their shares for so long as the registration statement of which this prospectus forms a part is available for use.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

Please contact Tonya K. Aldave at (202) 551-3601 or Susan Block at (202) 551-3210 with any questions.

Sincerely,

Division of Corporation Finance
Office of Finance

cc: Samantha Kirby, Esq.