# EDGAR Filing Document

**Accession Number:** 0002067627
**File Stem:** 0000000000-25-006218
**Filing Date:** 2025-6
**Character Count:** 31620
**Document Hash:** 4df6427b36f3a7a4c9039cc58567674f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006218.hdr.sgml**: 20260702

**ACCESSION NUMBER**: 0000000000-25-006218

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250612

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GSR III Acquisition Corp.
- **CENTRAL INDEX KEY:** 0002029023
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287271

**BUSINESS ADDRESS:**
- **STREET 1:** 5900 BALCONES DRIVE, SUITE 100
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78731
- **BUSINESS PHONE:** (914) 369-4400

**MAIL ADDRESS:**
- **STREET 1:** 5900 BALCONES DRIVE, SUITE 100
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78731
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Terra Innovatum Global N.V.
- **CENTRAL INDEX KEY:** 0002067627
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED PLATE WORK (BOILER SHOPS) [3443]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287271

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** VIA DELLA CHIESA XXXII, 759
- **CITY:** LUCCA
- **PROVINCE COUNTRY:** L6
- **ZIP:** 55100
- **BUSINESS PHONE:** 39-340-465-3058

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** VIA DELLA CHIESA XXXII, 759
- **CITY:** LUCCA
- **PROVINCE COUNTRY:** L6
- **ZIP:** 55100

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Terra Innovatum Global S.R.L.
- **DATE OF NAME CHANGE:** 20250508
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Terra Innovatum s.r.l.
- **CENTRAL INDEX KEY:** 0002067618
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287271

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** VIA MATTEO TRENTA 117
- **CITY:** LUCCA
- **PROVINCE COUNTRY:** L6
- **ZIP:** 00000
- **BUSINESS PHONE:** 39-340-465-3058

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** VIA MATTEO TRENTA 117
- **CITY:** LUCCA
- **PROVINCE COUNTRY:** L6
- **ZIP:** 00000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-043376

## Text-Extract

```

                                                             June 12, 2025

Alessandro Petruzzi
Chief Executive Officer
Terra Innovatum Global S.R.L.
Via Matteo Trenta 117
Lucca, Italy 55100

Gus Garcia
Chief Executive Officer
GSR III Acquisition Corp.
5900 Balcones Drive, Suite 100
Austin, TX 78731

       Re: Terra Innovatum Global S.R.L.
           Registration Statement on Form S-4
           Filed May 14, 2025
           File No. 333-287271
Dear Alessandro Petruzzi and Gus Garcia:

       We have reviewed your registration statement and have the following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies 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 this letter, we may have additional comments.

Registration Statement on Form S-4 filed May 14, 2025
Cover Page

1.     Please revise your cover page to state that the GSR III Board determined
that the
       Business Combination and Plan of Merger were "advisable, fair to, and in
the best
       interests of, GSR III and its shareholders," as disclosed on page 5.
Also revise to state
       that GSR III Board obtained a fairness opinion from EntrepreneurShares
LLC. See
       Item 1604(a)(1) of Regulation S-K.
 June 12, 2025
Page 2
2.     Please revise your disclosure to include and quantify all amounts of
compensation
       received or to be received by the SPAC Sponsor, its affiliates, and
promoters. In the
       instance that out-of-pocket expenses or outstanding loans are incurred,
quantify the
       amount to be paid. Please also provide a cross-reference to the
locations of related
       disclosure in the prospectus. Address each aspect of Item 1604(a)(3) of
Regulation S-
       K.
3.     Please expand the ownership table to include the ownership percentages
of all holders
       of PubCo shares immediately after the Business Combination.
4.     Please describe any material financing transactions that have occurred
since the initial
       public offering of the special purpose acquisition company or will occur
in connection
       with the consummation of the de-SPAC transaction. For example, we note
you
       entered into a Bridge Loan on May 4, 2025 and a related agreement on May
6, 2025.
       See Item 1604(a)(2) of Regulation S-K. We also note references to a PIPE
transaction
       or alternative financing.
5.     We note your disclosure that the GSR III Board has approved the business
       combination agreement and business combination. Please revise your
disclosure here,
       and where appropriate, to state whether any director or member of a
similar governing
       body of the SPAC voted against, or abstained from voting on, approval of
the de-
       SPAC transaction. If so, identify such persons, and indicate, if known
after making a
       reasonable inquiry, the reasons for the vote against the transaction or
the abstention.
       See Item 1606(e) of Regulation S-K.
6.     We note your disclosure that public shareholders may elect to redeem
their shares
       even if they vote "for" the Business Combination Proposal. Please revise
to clarify, if
       true, that public shareholders may elect to redeem whether they vote for
or against the
       Business combination Proposal.
Cautionary Note Regarding Forward-Looking Statements, page xiv

7.     We note your disclosure that statements "are inherently uncertain, and
you are
       cautioned not to unduly rely on these statements." Such statement may
imply an
       inappropriate disclaimer of liability for information in the proxy
statement/prospectus.
       Please revise to remove any implication that investors are not entitled
to rely on
       information in your registration statement.
Questions and Answers
What will Terra Innovatum quotaholders receive in the Business Combination?,
page xxii

8.     Please clarify here the "certain circumstances" in which legacy Terra
Innovatum
       Quotaholders will be entitled to receive additional PubCo ordinary
shares, or include
       a cross-reference to that discussion.
Summary, page 1

9.     Please provide in tabular format in your summary the terms and amount of
       compensation to be received by the Sponsor, its affiliates, and
promoters in
       connection with the business combination. Ensure your disclosure
addresses each
       aspect of Item 1604(b)(4) of Regulation S-K.
 June 12, 2025
Page 3
10.    Provide early in the summary a diagram of the company's corporate
structure,
       identifying the person or entity that owns the equity in each depicted
entity.
11.    Please disclose any circumstances or arrangements under which the
sponsor, its
       affiliates, and promoters could indirectly transfer ownership of your
securities through
       transfers of sponsor membership interests. See Item 1603(a)(6) of
Regulation S-K.
12.    Discuss the material terms of any material financing transactions that
have occurred or
       will occur in connection with the consummation of the de-SPAC
transaction, the
       anticipated use of proceeds from those financing transactions, and the
dilutive impact,
       if any, of those financing transactions on non-redeeming shareholders.
See Item
       1604(b)(5).
Selected Financial Data of GSR III, page 16

13.    Your presentation of net loss of $949,295 for the year ended December
31, 2024 does
       not appear consistent with data present in the Statements of Operations
on page F-4.
       Please revise or advise.
Risk Factors, page 19

14.    We note your disclosure on page 1 that the money in your trust account
is invested in
       U.S. government securities or in money market funds registered Under the
Investment
       Company Act. Please disclose the risk that you could be considered to be
operating as
       an unregistered investment company. Disclose that if you are found to be
operating as
       an unregistered investment company, you may be required to change your
operations,
       wind down your operations, or register as an investment company under
the
       Investment Company Act. Also include disclosure with respect to
consequences to
       investors if you are required to wind down your operations as a result
of this status,
       such as the losses of investment opportunity in a target company, any
price
       appreciation in the combined company, and any warrants, which would
expire
       worthless.
Neither the GSR III board of directors, page 41

15.    Reconcile your disclosure in this risk factor with your disclosure
beginning on page
       79.
The Business Combination
Background of the Business Combination, page 62

16.    Please revise to clarify whether Allison Macfarlane will be paid any
fees in
       connection with her consulting work for GSR III. Please also describe
her role as a
       consultant and in the negotiation of the Business Combination.
17.    Please revise to explain how you determined the pre-transaction
valuation disclosed
       on page 64.
18.    Revise your disclosure here to expand the discussion of GSR III's and
Terra's reasons
       for engaging in the business combination, and whether either entity
considered other
       transactions, such as Terra conducting a traditional IPO, in lieu of a
de-SPAC. In
       addition, discuss the reasons for the timing and structure of the merger
for the parties.
       See Item 1605(b)(3) of Regulation S-K.
 June 12, 2025
Page 4

19.    Describe the effects of the de-SPAC transaction and any related
financing transaction
       on the special purpose acquisition company and its affiliates, the SPAC
sponsor and
       its affiliates, the target company and its affiliates, and unaffiliated
security holders of
       the special purpose acquisition company. The description must include a
reasonably
       detailed discussion of both the benefits and detriments of the de-SPAC
transaction and
       any related financing transaction to the special purpose acquisition
company and its
       affiliates, the SPAC sponsor and its affiliates, the target company and
its affiliates,
       and unaffiliated security holders of the special purpose acquisition
company. The
       benefits and detriments of the de-SPAC transaction and any related
financing
       transaction must be quantified to the extent practicable.
20.    Your disclosure on page 63 indicates that PAC was acting on behalf of
Terra
       Innovatum on November 14, 2024. However, your other disclosure states
that PAC
       was not engaged by Terra Innovatum until December 18, 2024. Please
reconcile.
GSR III Board   s Reasons for Approval of the Business Combination, page 67

21.    Please refer to third bullet. Expand to describe in greater detail the
"forecasts" and
       "valuation analyses" with respect to the Business Combination to which
you refer.
       Provide the disclosures required by Items 1607 and 1609 of Regulation
S-K, as
       applicable.
22.    We note your disclosure on page 68 that an adverse result in "the adidas
lawsuit
       against Thom Browne" could be a negative factor concerning the Business
       Combination. Please revise to explain the relevance of that lawsuit, and
if the result is
       material to the Business Combination, provide appropriate risk factor
disclosure.
Certain Unaudited Terra Innovatum Prospective Financial Information, page 73

23.    Refer to the penultimate paragraph on page 76. Please revise to clarify
the contents of
       the "illustrative schedule" you mention, when that schedule was prepared
and for what
       purpose it was used. Please also revise to disclose the material
assumptions and bases
       for the deployment numbers to which you refer.
Conflicts of Interest, page 77

24.    Please expand the disclosure in this section to describe the fiduciary
duties of each
       director of the SPAC to other companies to which they have fiduciary
duties. See Item
       1603(c) of Regulation S-K.
 June 12, 2025
Page 5
Opinion of GSR III's Financial Advisor, page 79

25.    In the first paragraph, you disclose the opinion relates to the fairness
to GSR III and
       its shareholders "of the Total Consideration . . . to be issued or paid
to such
       shareholders in the Business Combination," with Total Consideration
meaning the
       shares to be issued by PubCo in exchange for the SPAC's outstanding
shares. In the
       third paragraph, you disclose that the opinion relates to the
"Transaction
       Consideration to be issued or paid to the shareholders of Terra
Innovatum." Please
       reconcile and ensure the scope of the fairness opinion provided is
disclosed
       consistently. We note, in this regard, multiple other instances in your
disclosure where
       the scope of the opinion appears to be disclosed inconsistently,
including pages xxviii,
       65, 67 and E-4.
Material U.S. Federal Income Tax Consequences, page 84

26.    Please revise to provide the federal income tax consequences of the
de-SPAC
       transaction to (i) the SPAC, (ii) the target company, (iii) target
security holders, and
       (iv) the SPAC security holders. See Item 1605(b)(6) of Regulation S-K.
File the
       opinions required by Item 601(b)(8) of Regulation S-K. In this regard,
we note
       disclosure that "[i]t is intended" the transactions will qualify as
exchanges and that it
       is "unclear" whether the merger will qualify as a reorganization. It is
permissible for
       counsel to provide a "should" or "more likely than not" opinion, rather
than a "will"
       opinion, if the disclosure and opinion explains the reasons for the
uncertainty and the
       related risks to investors.
Unaudited Pro Forma Condensed Combined Financial Information, page 119

27.    You disclose on page 123 that the maximum redemption scenario reflects
the
       redemption of the maximum number of GSR III Class A ordinary shares
subject to
       possible redemption that can be redeemed while allowing both the minimum
net
       tangible assets and GSR III available cash conditions to be met. This
statement does
       not appear accurate as neither the no redemption scenario or the maximum
redemption
       scenario presented on pages 124 and 125 appears to meet the minimum net
tangible
       asset requirement of $5,000,001. Tell us and disclose how you intend to
comply with
       the minimum net tangible asset requirement which is one of the
conditions to the
       closing included in the Business Combination Agreement.
28.    Please disclose the amount and the computation of the total merger
consideration, as
       well as the per share merger consideration.
Unaudited Pro Forma Condensed Combined Balance Sheet, page 125

29.    Please disclose the pro forma common stock authorized, issued and
outstanding on the
       face of the pro forma balance sheet.
 June 12, 2025
Page 6
Notes to Unaudited Pro Forma Condensed Combined Financial Information
1. Basis of Pro Forma Presentation, page 127

30.    Please revise footnote (19) to disclose that the Total PubCo Ordinary
Shares presented
       on page 128 excludes the shares underlying the warrant issued to PAC.
31.    Please explain to us why 549,000 Vesting Sponsor shares that are subject
to certain
       vesting or forfeiture and cancellation conditions are included in the
PubCo ordinary
       shares held by Sponsor in the Total PubCo Ordinary Shares table on page
128, but are
       excluded from the sponsor ownership tables include in the Letter to
Shareholders of
       GSR III as well as the adjusted sponsor shares amount on page 10.
2. Accounting Treatment for the Transaction, page 128

32.    We note your disclosure here that PubCo's acquisition of GSR III will be
treated as an
       asset acquisition in accordance with ASC 805-50, as GSR III does not
meet the ASC
       805 definition of business. The net assets of GSR III will be stated at
their carrying
       values, which are deemed to be stated at their respective fair values,
and no goodwill
       will be recognized. . It appears to us that the business combination
should be
       accounted for as a reverse recapitalization based on your conclusion
that Terra
       Innovatum has been determined to be the accounting acquirer. As such,
the financial
       statements of the combined entity should represent a continuation of the
financial
       statements of Terra Innovatum with the business combination being
treated as the
       equivalent of Terra Innovatum issuing stock for the net assets of GSR
III,
       accompanied by a recapitalization. Please revise your disclosures to
present the
       appropriate accounting treatment.
3. Adjustments to Unaudited Pro Forma Condensed Combined Balance as of December
31,
2024, page 129

33.    We note your disclosure that you will pay PAC a $2.5 million success fee
payable in
       cash at the Closing. Please tell us and disclose how is the success fee
reflected in the
       pro forma financial statements.
34.    We note your disclosure in adjustment 3(g) and in adjustment 4(b), that
as the GSR III
       net assets acquired primarily consist of monetary assets, Cash and
Investments held in
       Trust Account, it was determined to not be appropriate to allocate the
excess of the
       fair value of the PubCo Ordinary Shares transferred to the GSR III net
assets acquired
       as this would result in the recognition of an immediate loss when
subsequent U.S.
       GAAP were to be applied. As such, the excess of the fair value of the
PubCo Ordinary
       Shares transferred over the GSR III net assets acquired has been
recorded to Other
       operating costs in the unaudited pro forma condensed combined statement
of
       operations for the year ended December 31, 2024. Please explain to us,
and revise to
       disclose, your basis of accounting under US GAAP for recording this
difference as an
       expense item.
 June 12, 2025
Page 7
35.    We note your disclosure in adjustment 3(o), that Terra Innovatum expects
to enter into
       a bridge loan agreement. Any related adjustments will be included once
the agreement
       has been executed and analyzed. We also note your disclosure on page 149
that on
       May 4, 2025, you entered into a debt note subscription agreement (the
Bridge Loan   )
       for five debt notes for the principal amount of $100,000 each, having an
aggregate
       value equal to $500,000. We also note that you entered into a letter
agreement to
       convert the Bridge Loan into ordinary shares of Terra Global if the
Merger is
       completed. Please revise your pro formas to include this debt and
expected
       conversion into common shares.
4. Adjustments to Unaudited Pro Forma Condensed Combined Statement of
Operations for
the Year Ended December 31, 2024, page 136

36.    As you will become a taxpaying entity following the completion of your
planned
       merger, please provide the income tax effect in your pro forma financial
statements
       and disclosures.
37.    We note your disclose on page F-15 that the compensation expense related
to the GSR
       Founders Shares is recognized only when the performance condition is
probable of
       occurrence under the applicable accounting literature in this
circumstance. Stock-
       based compensation would be recognized at the date a Business
Combination is
       considered probable (i.e., upon consummation of a Business Combination)
in an
       amount equal to the number of Founders Shares times the grant date fair
value per
       share (unless subsequently modified) less the amount initially received
for the
       purchase of the Founder Shares. Please explain to us how you have
considered this
       potential compensation expense in your pro forma financial statements.
Business of Terra Innovatum and Certain Information About Terra Innovatum, page
138

38.    We note your disclosure that you aim to achieve commercial deployment of
SOLO by
       2028. Please provide more information on the estimated cost to complete
this; we note
       the disclosure on page 36 that your aggregate capital upon completion of
the business
       combination will not be sufficient to finance your business plan.
Include in your
       revised disclosure the specific, expected timeline for commercial,
product
       development and regulatory milestones that need to be hit in order to
achieve
       commercial deployment.
Patents and Property Rights, page 146

39.    Please revise this section to identify the duration and effect of all
intellectual property
       on which you rely.
Management's Discussion and Analysis of Financial Condition and Results and
Operations of
Terra
Business Combination and Public Company Costs, page 150

40.    We note your disclosure here that PAC will be entitled to 623,000 shares
subject to
       vesting conditions tied to certain milestones. We also note your
disclosure on page
       xxv that only 400,000 shares issuable to PAC are contingently issuable.
Please revise
       to clarify whether all 623,000 shares are contingently issuable.
 June 12, 2025
Page 8

Liquidity, Going Concern, and Capital Resources, page 154

41.    Please quantify and more fully disclose and discuss your short- and
long-term
       liquidity requirements and priorities, including potential changes in
your priorities
       based on the impact of changes in the amount of cash available to the
post-merger
       company due to the amount of cash redemptions by shareholders, and your
target
       deployment schedule of the SOLO reactor which is expected to achieve
       commercialization by 2028.

Information About GSR III, page 162

42.    Please describe the general character of the Sponsor's business. See
Item 1603(a)(2) of
       Regulation S-K.
43.    Describe any agreement, arrangement, or understanding between the SPAC
sponsor
       and the SPAC, its officers, directors, or affiliates with respect to
determining whether
       to proceed with a de-SPAC transaction. See Item 1603(a)(5).
44.    We note your disclosure here about the prior SPAC experience of the
managers of
       Sponsor. Please revise to include extensions of prior SPACs and
redemption levels
       experienced by prior SPACs in connection with any extension request
and/or business
       combination.
Anti-Takeover Provisions, page 205

45.    With a view toward disclosure, please tell us why the column under
Rights of PubCo
       Shareholders is blank. We note, in this regard, the disclosure on page
185 that
       preferred shares will have 10,000 votes for each share.
Proposal No. 1 - The Business Combination Proposal, page 214

46.    State whether or not a majority of the directors (or members of a
similar governing
       body) of GSR III have retained an unaffiliated representative to act
solely on behalf of
       unaffiliated security holders for purposes of negotiating the terms of
the de-SPAC
       transaction and/or preparing a report concerning the approval of the
de-SPAC
       transaction. See Item 1606(d) of Regulation S-K.
47.    We note your disclosure on page 78 that GSR III's amended and restated
       memorandum and articles of association renounce its interest in any
corporate
       opportunity. Please address whether this impacted your search for an
acquisition
       target.
 June 12, 2025
Page 9
Where You Can Find More Information, page 221

48.    We note your disclosure that "[a]ll information contained in this proxy
       statement/prospectus relating to GSR III has been supplied by GSR III,
and all such
       information relating to Terra Innovatum has been supplied by Terra
Innovatum" and
       that "[i]nformation provided by either GSR III or Terra Innovatum does
not constitute
       any representation, estimate, or projection of any other party." Because
these
       statements could be read as disclaimers of your responsibility for the
disclosure in
       your filing, please revise to remove any implication that GSR III or
Terra disclaim
       responsibility for any of the disclosures in the registration statement.
Index to Financial Statements, page F-1

49.    Please update your financial statements and related financial
information throughout
       the filing in accordance with Rule 8-08 of Regulation S-X.
Exhibits

50.    Please file all material agreements, including but not limited to, the
employment
       agreements referenced in your document. See Item 601(b)(10) of
Regulation S-K.
51.    Please revise the footnotes to clarify which section of 601(b) of
Regulation S-K you
       are relying on to omit information in the exhibits.
General

52.    We note your disclosure on page 14 that holders of GSR III Public Units
will receive
       one-seventh of one GSR Right. Explain how you will handle circumstances
when
       holders own more or fewer than seven rights at the time the business
combination is
       consummated.
53.    In tabular format, disclosure the material terms of any agreement,
arrangement, or
       understanding regarding restrictions on whether and when the SPAC
Sponsor and its
       affiliates may sell securities of the SPAC, including the date(s) on
which the
       agreement, arrangement, or understanding may expire; the natural persons
and entities
       subject to such an agreement, arrangement, or understanding; any
exceptions under
       such an agreement, arrangement, or understanding; and any terms that
would result in
       an earlier expiration of such an agreement, arrangement, or
understanding. See Item
       1603(a)(9) of Regulation S-K.
54.    We note your disclosure that the Sponsor, PubCo, or their directors,
officers, advisors
       or affiliates may purchase shares in privately negotiated transactions
with the intent to
       increase the likelihood that the business combination proposal, merger
proposal, and
       adjournment proposal are approved. Please provide your analysis as to
how such
       purchases will comply with Rule 14e-5. To the extent that you are
relying on Tender
       Offers Rules and Schedules Compliance and Disclosures Interpretation
166.01, please
       provide an analysis as to how it applies to your circumstances.
 June 12, 2025
Page 10
55.    With a view toward disclosure, please state whether your sponsor is, is
controlled by,
       or has substantial ties with a non-U.S. person. If so, please add risk
factor disclosure
       to state that this could impact your ability to complete your initial
business
       combination. For example, this transaction may be subject to review by a
U.S.
       government entity, such as the Committee on Foreign Investment in the
United States
       (CFIUS), or ultimately prohibited. Disclose that as a result, the pool
of potential
       targets with which you could complete an initial business combination
may be
       limited. Further, disclose that the time necessary for government review
of the
       transaction or a decision to prohibit the transaction could prevent you
from
       completing an initial business combination and require you to liquidate.
Disclose the
       consequences of liquidation to investors, such as the losses of the
investment
       opportunity in a target company, any price appreciation in the combined
company,
       and the rights, which would expire worthless.
56.    With respect to your conflicts of interest disclosure please provide
such disclosure
       between: on one hand, the SPAC sponsors, their affiliates, SPAC
officers, SPAC
       directors, or promoters, target company officers or target company
directors; and, on
       the other hand, unaffiliated security holders of the SPAC. See Items
1604(a)(4),
       1604(b)(4) and 1603(b) of Regulations S-K.
57.    We note your disclosure on page 149 that after the merger, the lender
will receive a
       3% commission on "funds raised through a related PIPE transaction" and
disclosure
       on page 66 regarding the retention of a placement agent for a private
placement. We
       also note various references to "investor presentations." If you plan to
raise funds via
       PIPE transaction or other capital-raising mechanism, please revise the
relevant
       sections of your filing to discuss the transaction(s).
58.    Please revise to address in your disclosures regarding post-transaction
ownership and
       future dilution the "Bridge Loan Conversion" and warrants referenced on
page F-33.
59.    In light of your disclosure on page xvi, please provide us your analysis
of whether the
       combined company will be foreign private issuer. Add any appropriate
risk factors.
60.    Refer to your disclosures on pages xxxi and 61. Revise to state clearly
whether
       shareholders have appraisal rights.
61.    Please revise your cover page to disclose the consideration that Terra
Innovatum
       Quotaholders will receive in the business combination, including the
additional
       PubCo preferred shares to which you refer, and how much of the combined
company
       they will own. This includes the percentage of outstanding equity and
the voting
       power they will hold; we note the disclosure on page 185 that PubCo
preferred
       shareholders are entitled to 10,000 votes per share. Tell us how your
disclosure
       elsewhere, including the post-transaction and beneficial ownership
tables, accounts
       for the terms of the preferred shares. Also tell us how you intend to
complete the offer
       and sale of the preferred shares and underlying ordinary shares. We note
that your fee
       table does not appear to include these securities.
 June 12, 2025
Page 11

        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 SiSi Cheng at 202-551-5004 or Claire Erlanger at
202-551-3301 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Erin Donahue at 202-551-6063 or Geoffrey Kruczek at 202-551-3641 with
any other
questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of
Manufacturing

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