# EDGAR Filing Document

**Accession Number:** 0001838987
**File Stem:** 0000000000-23-002365
**Filing Date:** 2023-3
**Character Count:** 45002
**Document Hash:** 96ec0ed90483f5c0202fd20778a3cfe7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002365.hdr.sgml**: 20230731

**ACCESSION NUMBER**: 0000000000-23-002365

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230310

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Complete Solaria, Inc.
- **CENTRAL INDEX KEY:** 0001838987
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, PO BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** (212) 618-1798

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, PO BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Freedom Acquisition I Corp.
- **DATE OF NAME CHANGE:** 20210105
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-23-030704

## Text-Extract

```

United States securities and exchange commission logo

                             March 10, 2023

       Adam Gishen
       Chief Executive Officer
       Freedom Acquisition I Corp.
       14 Wall Street, 20th Floor
       New York, NY 10005

                                                        Re: Freedom Acquisition
I Corp.
                                                            Registration
Statement on Form S-4
                                                            Filed on February
10, 2023
                                                            File No. 333-269674

       Dear Adam Gishen:

              We have reviewed your registration statement and have the
following 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.

       Form S-4 filed February 10, 2023

       Certain Defined Terms, page 3

   1.                                                   See the reference for
Complete Solaria, meaning Complete Solaria, Inc. (f/k/a Complete
                                                        Solar Holdings
Corporation). Please disclose here and elsewhere in the filing if after the
                                                        Business Combination,
this entity will change its name and disclose the new name. In
                                                        this regard, we note
that Freedom Acquisition I Corp. will change its name to Complete
                                                        Solaria, Inc. following
the Domestication and Business Combination. Please expand to
                                                        discuss any proposed
name change for Complete Solaria, the entity being acquired in the
                                                        First and Second
Mergers. With respect to the Additional Merger of Solaria with and into
                                                        the Third Merger Sub,
expand to disclose if Solaria will continue to retain its name.
 Adam Gishen
FirstName  LastNameAdam
Freedom Acquisition  I Corp.Gishen
Comapany
March      NameFreedom Acquisition I Corp.
       10, 2023
March2 10, 2023 Page 2
Page
FirstName LastName
Questions and Answers about the Business Combination and the Special Meeting
What equity stake will current FACT shareholders and Complete Solaria's
stockholders hold in
New Complete Solaria after the Closing, page 35

2.       Refer to the table of Assuming Maximum Redemption, and explain here,
and wherever
         applicable, why the initial shares of 4,224,000 differ from the
5,224,000 shares shown in
         the other two redemption scenarios. Provide an explanation for the
1,000,000 share
         difference and also why the decrease is only reflected for the maximum
redemption
         scenario. Further, clarify if the line item description of initial
shares refers to the Sponsor
         and affiliate shares or founder shares and explain where or why there
are not also reflected
         8,625,000 shares representing the outstanding Class B ordinary shares,
to be converted
         into shares of New Complete Solaria common stock. Reference is made to
your
         disclosures for these differences in footnotes (1) and (2) to the
table on page 216. Please
         also provide herein on page 35, including the paragraph discussion of
the earnout shares
         and their potential vesting. Explain also what happens to the earn out
shares if they do not
         become vested.
What underwriting fees are payable in connection with the Business
Combination?, page 36

3.       We understand that J.P. Morgan and DBSI, underwriters in your SPAC
IPO, intend to
         waive the deferred underwriting commissions that would otherwise be
due to it upon the
         closing of the business combination. Please disclose how this waiver
was obtained, why
         the waiver was agreed to, and clarify the SPAC   s current
relationship with the firms.
4.       Please describe what relationship existed between J.P. Morgan, DBSI
and FACT after the
         close of the IPO, including any financial or merger-related advisory
services conducted by
         the firms. For example, clarify whether the firms had any role in the
identification or
         evaluation of business combination targets.
5.       Please tell us whether you are aware of any disagreements with J.P.
Morgan or DBSI
         regarding the disclosure in your registration statement.
6.       Disclose whether J.P. Morgan or DBSI provided you with any reasons for
the fee waivers.
         If there was no dialogue and you did not seek out the reasons why the
firms were waiving
         deferred fees, despite already completing their services, please
indicate so in your
         registration statement. Further, revise the risk factor disclosure to
explicitly clarify that the
         firms have performed all their obligations to obtain the fee and
therefore is gratuitously
         waiving the right to be compensated.
7.       Please provide us with any correspondence between J.P. Morgan, DBSI
and FACT or
         Complete Solaria relating to the resignations.
 Adam Gishen
FirstName  LastNameAdam
Freedom Acquisition  I Corp.Gishen
Comapany
March      NameFreedom Acquisition I Corp.
       10, 2023
March3 10, 2023 Page 3
Page
FirstName LastName
8.       Please provide us with the engagement letters between Complete Solaria
and the firms.
         Please disclose any ongoing obligations of the company pursuant to the
engagement letter
         that will survive the termination of the engagement, such as
indemnification provisions,
         rights of first refusal, and lockups, and discuss the impacts of those
obligations on the
         company in the registration statement.
9.       Please revise your disclosure to highlight for investors that the
firms' withdrawals
         indicate that they do not want to be associated with the disclosure or
underlying business
         analysis related to the transaction.
10.      Please discuss the potential impact on the transaction related to the
resignations if J.P.
         Morgan and DBSI. If either of the firms would have played a role in
the closing, please
         revise to identify the party who will be filling their roles.
11.      Noting the disclosure that FACT expects the balance of the aggregate
deferred fee to be
         waived, please revise to clarify whether Morgan Stanley or any of the
other underwriters
         listed in the underwriting agreement have waived their entitlement to
the deferred
         compensation.
Comparative Historical and Unaudited Pro Forma Per Share Financial Information,
page 54

12.      Please expand to also disclose the amount of historical and pro forma
net book value per
         share of common stock as of September 30, 2022. We note the indication
in the first
         paragraph on page 55 that such data is provided.
Non-Redemption Agreements; Financing Transactions, page 112

13.      Wherever applicable throughout your proxy statement/prospectus, please
provide more
         prominent disclosure regarding the material terms of your
Non-Redemption Agreements,
         including the impact on your investors should you undertake to
exercise the
         Agreements you describe, and any pre-planned forms of consideration to
be paid to such
         shareholders. Disclose the benefits to the Sponsor and its affiliates
in executing the Non-
         Redemption Agreements, including whether and to what extent these
agreements ensure
         that the business combination will be approved and that there is a
sufficient amount of
         cash in the SPAC's trust account.
Certain Unaudited Complete Solaria Prospective Financial Information, page 143

14.      We note your disclosure that the financial projections are based on
numerous assumptions.
         Please expand to disclose whether the projections are in line with
historic operating
         trends. Address why the change in trends is appropriate or assumptions
are reasonable.
         While you have a history of operating losses, the forecasts project
increasing total net
         income. Clearly describe the basis for projecting this growth and the
factors or
         contingencies that would affect such growth ultimately materializing.
 Adam Gishen
FirstName  LastNameAdam
Freedom Acquisition  I Corp.Gishen
Comapany
March      NameFreedom Acquisition I Corp.
       10, 2023
March4 10, 2023 Page 4
Page
FirstName LastName
Certain Material U.S. Federal Income Tax Considerations, page 195

15.      We note that pursuant to the Business Combination Agreement, the
parties intend that the
         merger will qualify as a tax-free "reorganization" within the meaning
of Section 368(a).
         Please revise your disclosure beginning on page 195 to address Section
368(a) and any
         consequences to shareholders of FACT and Complete Solaria. Please also
make similar
         revisions to the Questions and Answers section beginning on page 42.
To the extent that
         you intend to file a short form tax opinion as Exhibit 8.1, please
also revise your
         discussion on page 195 to reflect the fact that the discussion is the
opinion of counsel.
Unaudited Pro Forma Condensed Combined Balance Sheet , page 217

16.      Please expand the equity the stockholders' equity section to disclose
the par values and the
         number of outstanding historical Class A ordinary shares and Class B
ordinary shares for
         FACT, the number of outstanding historical common shares of both
Complete Solar and
         Solaria, and the number of outstanding common shares for New Complete
Solaria
         assuming the no redemption, maximum redemption and $70 million in
Trust redemption
         scenarios.
Notes to Unaudited Pro Forma Condensed Combined Financial Information
Note 3. Adjustments to Unaudited Pro Forma Condensed Combined Financial
Information, page
222

17.      Refer to Note (G) on page 224 and the disclosure regarding the
issuances of New
         Complete Solaria common stock resulting from the recapitalization and
exchange of
         outstanding Complete Solar's equity. Please consider including a
sub-table within this
         footnote to reconcile to the total issuance of 37,005,409 share of New
Complete Solaria,
         Inc. common stock to be issued to Complete Solaria's shareholders as
shown in the table
         on page 216. Within such table, please provide a description for each
category, such as
         the number of shares attributable to the recapitalization of the
preferred stock, the
         common stock, and each debt exchange (i.e., the share exchange on the
RMRLT Rollover
         Note discussed in Note (D)).
18.      Refer to Note (K) on page 225. Please provide further details for the
tabular line item
         Conversion of Solaria SAFE in the amount of $60.4 million. Please
reconcile with the
         $50.2 million amount shown in the first table of Note (M) on page 226.
19.      We note your adjustment (L) includes the waiver of deferred
underwriting and legal fees.
          Please explain why you are adjusting pro forma retained earnings,
rather than additional
         paid-in-capital for what appears to be a capital contribution.
20.      Refer to Note (M) on page 226 along with the discussion at the top of
page 215 regarding
         the accounting treatment for Complete Solar's acquisition of Solaria.
We note that Solaria
         tended to be the larger entity in terms of assets and liabilities and
that its results of
         operations were fairly comparable to those of Complete Solar. Please
further tell us and
 Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 5
         disclose how you determined "the Company was the primary beneficiary
of Solaria", as
         you state on page 261 of your document.
21.      Refer to Note (P) on page 228. We note that after the payment of
$289.7 million in cash
         under the $70 million in Trust redemption scenario that the remaining
cash balance shown
         on the pro forma balance sheet on page 217 appears to be substantially
less than $70
         million. Please further explain the purpose of this redemption
scenario and its relation
         to having $70 million in the trust account as part of the Business
Combination Agreement.
Note 5. Net Loss Per Share, page 230

22.      We note a discrepancy in the number of weighted average shares
disclosed for the nine
         months ended September 30, 2022 for the maximum redemption scenario as
shown in this
         table and elsewhere as compared to the corresponding number of
weighted average
         shares disclosed on page 220. In this regard, page 220 discloses
44,855,892 shares
         whereas in Note 5 and elsewhere you disclose 44,866,892 shares. Please
resolve the
         discrepancy accordingly.
Business of Complete Solaria, Inc., page 244

23.      We note your disclosure that you rely on a select number of
third-party manufacturers.
         Please tell us what consideration you gave to Item 601(b)(10)(ii) of
Regulation S-K.
24.      Please clarify whether Complete Solaria offers financing solutions to
its end-customers or
         sales partners. If so, please describe the financing solutions that
you offer. In this regard,
         we note your disclosure that "Complete Solaria as a full renewable
energy system operator
         with compelling customer offerings, advanced technology, financing
solutions, and
         project fulfillment."
25.      Please expand your disclosure in this section as it relates to your
principal products,
         including your solar modules and panels. Refer to Item 101(c) of
Regulation S-K.
26.      Please revise your disclosure in this section to clarify and expand
Complete Solaria's
         relationship to its Pro Partner Network and solar distributors. In
this regard, we note that
         "dealer commissions" represents a significant portion of your revenue.
27.    We note your disclosure that your third-party manufacturers "operate at
scales greater than
       one gigawatt of module manufacturing capacity." Please revise here to
clarify your
       statement, including whether your third-party manufacturers have devoted
this stated
       module manufacturing capacity exclusively to Complete Solaria. Further,
please clarify
FirstName LastNameAdam Gishen
       whether you contract all or a portion of your module manufacturing to
third-parties. In this
Comapany    NameFreedom
       regard, we note yourAcquisition I Corp.
                            disclosure on  page 60 that "Complete Solaria
outsources a portion of
March module
       10, 2023manufacturing
                Page 5        to contract manufacturers."
FirstName LastName
 Adam Gishen
FirstName  LastNameAdam
Freedom Acquisition  I Corp.Gishen
Comapany
March      NameFreedom Acquisition I Corp.
       10, 2023
March6 10, 2023 Page 6
Page
FirstName LastName
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
Complete Solar, page 260

28.      We note that higher supply chain costs have impacted your results of
operations. Please
         enhance your disclosure to clarify whether supply chain disruptions
materially affect your
         outlook or business goals. Specify whether these challenges have
materially impacted
         your results of operations or capital resources and quantify, to the
extent possible, how
         your sales, profits, and/or liquidity have been impacted. In this
regard, we note your
         disclosure on page 60 that "there are a limited number of inverter
suppliers," and that
         certain of your raw materials "have experienced limited availability."
Beneficial Ownership of Securities, page 294

29.      Please provide a pre-business combination beneficial ownership table
for Complete
         Solaria as of the most recent practicable date. Refer to Item 18(a)(5)
of Form S-4.
Independent Auditor's Report - The Solaria Corporation, page F-122

30.      Please include the City and State of the auditor and also state the
year the auditor began
         serving as the auditor. Refer to Rule 2-02(a)(3) of Regulation S-X and
PCAOB AS No.
         3101, paragraph .10(b) and (c).
Audited Financial Statements - The Solaria Corporation
Consolidated Statements of Operations and Comprehensive Loss, page F-125

31.      Notwithstanding that this entity was subsequently acquired in November
2022 by
         Complete Solaria and became wholly-owned, please disclose on page
F-125 or in the
         footnotes thereto, and also in the interim financial statements on
page F-161, the net loss
         per share data, including the number of weighted average shares
outstanding for each
         period presented. We note your inclusion of the net loss per share
data in the comparative
         historical per share data on page 54 and the unaudited pro forma
financial statements on
         pages 219 and 220.
General

32.      With a view toward disclosure, please tell us whether your sponsor is,
is controlled by, or
         has substantial ties with a non-U.S. person. Please also tell us
whether anyone or any
         entity associated with or otherwise involved in the transaction, is,
is controlled by, or has
         substantial ties with a non-U.S. person. If so, also include risk
factor disclosure that
         addresses how this fact could impact your ability to complete your
initial business
         combination. For instance, discuss the risk to investors that you may
not be able to
         complete an initial business combination with a U.S. target company
should the
         transaction 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. Further,
         disclose that the time necessary for government review of the
transaction or a decision to
 Adam Gishen
FirstName  LastNameAdam
Freedom Acquisition  I Corp.Gishen
Comapany
March      NameFreedom Acquisition I Corp.
       10, 2023
March7 10, 2023 Page 7
Page
FirstName LastName
         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 warrants, which would
expire worthless.
33.      Please quantify the aggregate dollar amount and describe the nature of
what the sponsor,
         its affiliates, and the anchor investors have at risk that depends on
completion of a
         business combination. Include the current value of securities held,
loans extended, fees
         due, and out-of-pocket expenses for which the sponsor and its
affiliates are awaiting
         reimbursement. Provide similar disclosure for the company   s officers
and directors, if
         material.
34.      Please highlight the risk that the sponsor will benefit from the
completion of a business
         combination and may be incentivized to complete an acquisition of a
less favorable target
         company or on terms less favorable to shareholders rather than
liquidate.
35.      Please disclose the sponsor, its affiliates', and the anchor
investors' total potential
         ownership interest in the combined company, assuming exercise and
conversion of all
         securities, including the convertible notes.
36.      We note that certain shareholders agreed to waive their redemption
rights. Please describe
         any consideration provided in exchange for this agreement. Please also
disclosure whether
         the anchor investors have agreed to waive their redemption rights
37.      Please tell us whether you have entered into any agreements to ensure
that the business
         combination is closed and that the minimum net tangible assets
condition is met.
38.      Please disclose whether and how your business segments, products,
lines of service,
         projects, or operations are materially impacted by supply chain
disruptions, especially in
         light of Russia   s invasion of Ukraine. For example, discuss whether
you have or expect to:
             suspend the production, purchase, sale or maintenance of certain
items due to a lack
              of raw materials, parts, or equipment; inventory shortages;
closed factories or stores;
              reduced headcount; or delayed projects;
             experience labor shortages that impact your business;
             experience cybersecurity attacks in your supply chain;
             experience higher costs due to constrained capacity or increased
commodity prices or
              challenges sourcing materials (e.g., nickel, palladium, neon,
cobalt, iron, platinum or
              other raw material sourced from Russia, Belarus, or Ukraine);
             experience surges or declines in consumer demand for which you are
unable to
              adequately adjust your supply;
             be unable to supply products at competitive prices or at all due
to export
              restrictions, sanctions, tariffs, trade barriers, or political or
trade tensions among
              countries or the ongoing invasion; or
             be exposed to supply chain risk in light of Russia   s invasion of
Ukraine.
         Explain whether and how you have undertaken efforts to mitigate the
impact and where
         possible quantify the impact to your business.
 Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 8
39.      Revise your disclosure to show the potential impact of redemptions on
the per share value
         of the shares owned by non-redeeming shareholders by including a
sensitivity analysis
         showing a range of redemption scenarios, including minimum, maximum
and interim
         redemption levels.
        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.

        You may contact Beverly Singleton at (202) 551-3328 or Kevin Stertzel
at (202) 551-
3723 if you have questions regarding comments on the financial statements and
related
matters. Please contact Bradley Ecker at (202) 551-4985 or Erin Purnell at
(202) 551-3454 with
any other questions.

FirstName LastNameAdam Gishen                                Sincerely,
Comapany NameFreedom Acquisition I Corp.
                                                             Division of
Corporation Finance
March 10, 2023 Page 8                                        Office of
Manufacturing
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

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

March 10, 2023

Adam Gishen  
Chief Executive Officer  
Freedom Acquisition I Corp.  
14 Wall Street, 20th Floor  
New York, NY 10005

# **Re: Freedom Acquisition I Corp.  
Registration Statement on Form S-4  
Filed on February 10, 2023  
File No. 333-269674**

Dear Adam Gishen:

We have reviewed your registration statement and have the following 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.

Form S-4 filed February 10, 2023

Certain Defined Terms, page 3

1. See the reference for Complete Solaria, meaning Complete Solaria, Inc. (f/k/a Complete Solar Holdings Corporation). Please disclose here and elsewhere in the filing if after the Business Combination, this entity will change its name and disclose the new name. In this regard, we note that Freedom Acquisition I Corp. will change its name to Complete Solaria, Inc. following the Domestication and Business Combination. Please expand to discuss any proposed name change for Complete Solaria, the entity being acquired in the First and Second Mergers. With respect to the Additional Merger of Solaria with and into the Third Merger Sub, expand to disclose if Solaria will continue to retain its name.

Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 2

# Questions and Answers about the Business Combination and the Special Meeting

What equity stake will current FACT shareholders and Complete Solaria's stockholders hold in New Complete Solaria after the Closing, page 35

2. Refer to the table of Assuming Maximum Redemption, and explain here, and wherever applicable, why the initial shares of 4,224,000 differ from the 5,224,000 shares shown in the other two redemption scenarios. Provide an explanation for the 1,000,000 share difference and also why the decrease is only reflected for the maximum redemption scenario. Further, clarify if the line item description of initial shares refers to the Sponsor and affiliate shares or founder shares and explain where or why there are not also reflected 8,625,000 shares representing the outstanding Class B ordinary shares, to be converted into shares of New Complete Solaria common stock. Reference is made to your disclosures for these differences in footnotes (1) and (2) to the table on page 216. Please also provide herein on page 35, including the paragraph discussion of the earnout shares and their potential vesting. Explain also what happens to the earn out shares if they do not become vested.

What underwriting fees are payable in connection with the Business Combination?, page 36

3. We understand that J.P. Morgan and DBSI, underwriters in your SPAC IPO, intend to waive the deferred underwriting commissions that would otherwise be due to it upon the closing of the business combination. Please disclose how this waiver was obtained, why the waiver was agreed to, and clarify the SPAC's current relationship with the firms.
4. Please describe what relationship existed between J.P. Morgan, DBSI and FACT after the close of the IPO, including any financial or merger-related advisory services conducted by the firms. For example, clarify whether the firms had any role in the identification or evaluation of business combination targets.
5. Please tell us whether you are aware of any disagreements with J.P. Morgan or DBSI regarding the disclosure in your registration statement.
6. Disclose whether J.P. Morgan or DBSI provided you with any reasons for the fee waivers. If there was no dialogue and you did not seek out the reasons why the firms were waiving deferred fees, despite already completing their services, please indicate so in your registration statement. Further, revise the risk factor disclosure to explicitly clarify that the firms have performed all their obligations to obtain the fee and therefore is gratuitously waiving the right to be compensated.
7. Please provide us with any correspondence between J.P. Morgan, DBSI and FACT or Complete Solaria relating to the resignations.

Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 3

8. Please provide us with the engagement letters between Complete Solaria and the firms. Please disclose any ongoing obligations of the company pursuant to the engagement letter that will survive the termination of the engagement, such as indemnification provisions, rights of first refusal, and lockups, and discuss the impacts of those obligations on the company in the registration statement.
9. Please revise your disclosure to highlight for investors that the firms' withdrawals indicate that they do not want to be associated with the disclosure or underlying business analysis related to the transaction.
10. Please discuss the potential impact on the transaction related to the resignations if J.P. Morgan and DBSI. If either of the firms would have played a role in the closing, please revise to identify the party who will be filling their roles.
11. Noting the disclosure that FACT expects the balance of the aggregate deferred fee to be waived, please revise to clarify whether Morgan Stanley or any of the other underwriters listed in the underwriting agreement have waived their entitlement to the deferred compensation.

Comparative Historical and Unaudited Pro Forma Per Share Financial Information, page 54

12. Please expand to also disclose the amount of historical and pro forma net book value per share of common stock as of September 30, 2022. We note the indication in the first paragraph on page 55 that such data is provided.

Non-Redemption Agreements; Financing Transactions, page 112

13. Wherever applicable throughout your proxy statement/prospectus, please provide more prominent disclosure regarding the material terms of your Non-Redemption Agreements, including the impact on your investors should you undertake to exercise the Agreements you describe, and any pre-planned forms of consideration to be paid to such shareholders. Disclose the benefits to the Sponsor and its affiliates in executing the Non-Redemption Agreements, including whether and to what extent these agreements ensure that the business combination will be approved and that there is a sufficient amount of cash in the SPAC's trust account.

Certain Unaudited Complete Solaria Prospective Financial Information, page 143

14. We note your disclosure that the financial projections are based on numerous assumptions. Please expand to disclose whether the projections are in line with historic operating trends. Address why the change in trends is appropriate or assumptions are reasonable. While you have a history of operating losses, the forecasts project increasing total net income. Clearly describe the basis for projecting this growth and the factors or contingencies that would affect such growth ultimately materializing.

Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 4

Certain Material U.S. Federal Income Tax Considerations, page 195

15. We note that pursuant to the Business Combination Agreement, the parties intend that the merger will qualify as a tax-free "reorganization" within the meaning of Section 368(a). Please revise your disclosure beginning on page 195 to address Section 368(a) and any consequences to shareholders of FACT and Complete Solaria. Please also make similar revisions to the Questions and Answers section beginning on page 42. To the extent that you intend to file a short form tax opinion as Exhibit 8.1, please also revise your discussion on page 195 to reflect the fact that the discussion is the opinion of counsel.

Unaudited Pro Forma Condensed Combined Balance Sheet, page 217

16. Please expand the equity the stockholders' equity section to disclose the par values and the number of outstanding historical Class A ordinary shares and Class B ordinary shares for FACT, the number of outstanding historical common shares of both Complete Solar and Solaria, and the number of outstanding common shares for New Complete Solaria assuming the no redemption, maximum redemption and $70 million in Trust redemption scenarios.

Notes to Unaudited Pro Forma Condensed Combined Financial Information

Note 3. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information, page 222

17. Refer to Note (G) on page 224 and the disclosure regarding the issuances of New Complete Solaria common stock resulting from the recapitalization and exchange of outstanding Complete Solar's equity. Please consider including a sub-table within this footnote to reconcile to the total issuance of 37,005,409 share of New Complete Solaria, Inc. common stock to be issued to Complete Solaria's shareholders as shown in the table on page 216. Within such table, please provide a description for each category, such as the number of shares attributable to the recapitalization of the preferred stock, the common stock, and each debt exchange (i.e., the share exchange on the RMRLT Rollover Note discussed in Note (D)).
18. Refer to Note (K) on page 225. Please provide further details for the tabular line item Conversion of Solaria SAFE in the amount of $60.4 million. Please reconcile with the $50.2 million amount shown in the first table of Note (M) on page 226.
19. We note your adjustment (L) includes the waiver of deferred underwriting and legal fees. Please explain why you are adjusting pro forma retained earnings, rather than additional paid-in-capital for what appears to be a capital contribution.
20. Refer to Note (M) on page 226 along with the discussion at the top of page 215 regarding the accounting treatment for Complete Solar's acquisition of Solaria. We note that Solaria tended to be the larger entity in terms of assets and liabilities and that its results of operations were fairly comparable to those of Complete Solar. Please further tell us and

Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 5

disclose how you determined "the Company was the primary beneficiary of Solaria", as you state on page 261 of your document.

21. Refer to Note (P) on page 228. We note that after the payment of $289.7 million in cash under the $70 million in Trust redemption scenario that the remaining cash balance shown on the pro forma balance sheet on page 217 appears to be substantially less than $70 million. Please further explain the purpose of this redemption scenario and its relation to having $70 million in the trust account as part of the Business Combination Agreement.

Note 5. Net Loss Per Share, page 230

22. We note a discrepancy in the number of weighted average shares disclosed for the nine months ended September 30, 2022 for the maximum redemption scenario as shown in this table and elsewhere as compared to the corresponding number of weighted average shares disclosed on page 220. In this regard, page 220 discloses 44,855,892 shares whereas in Note 5 and elsewhere you disclose 44,866,892 shares. Please resolve the discrepancy accordingly.

Business of Complete Solaria, Inc., page 244

23. We note your disclosure that you rely on a select number of third-party manufacturers. Please tell us what consideration you gave to Item 601(b)(10)(ii) of Regulation S-K.
24. Please clarify whether Complete Solaria offers financing solutions to its end-customers or sales partners. If so, please describe the financing solutions that you offer. In this regard, we note your disclosure that "Complete Solaria as a full renewable energy system operator with compelling customer offerings, advanced technology, financing solutions, and project fulfillment."
25. Please expand your disclosure in this section as it relates to your principal products, including your solar modules and panels. Refer to Item 101(c) of Regulation S-K.
26. Please revise your disclosure in this section to clarify and expand Complete Solaria's relationship to its Pro Partner Network and solar distributors. In this regard, we note that "dealer commissions" represents a significant portion of your revenue.
27. We note your disclosure that your third-party manufacturers "operate at scales greater than one gigawatt of module manufacturing capacity." Please revise here to clarify your statement, including whether your third-party manufacturers have devoted this stated module manufacturing capacity exclusively to Complete Solaria. Further, please clarify whether you contract all or a portion of your module manufacturing to third-parties. In this regard, we note your disclosure on page 60 that "Complete Solaria outsources a portion of module manufacturing to contract manufacturers."

Adam Gishen  
Freedom Acquisition I Corp.  
March 10, 2023  
Page 6

# Management's Discussion and Analysis of Financial Condition and Results of Operations of Complete Solar, page 260

28. We note that higher supply chain costs have impacted your results of operations. Please enhance your disclosure to clarify whether supply chain disruptions materially affect your outlook or business goals. Specify whether these challenges have materially impacted your results of operations or capital resources and quantify, to the extent possible, how your sales, profits, and/or liquidity have been impacted. In this regard, we note your disclosure on page 60 that 'there are a limited number of inverter suppliers,' and that certain of your raw materials 'have experienced limited availability.'

# Beneficial Ownership of Securities, page 294

29. Please provide a pre-business combination beneficial ownership table for Complete Solaria as of the most recent practicable date. Refer to Item 18(a)(5) of Form S-4.

# Independent Auditor's Report - The Solaria Corporation, page F-122

30. Please include the City and State of the auditor and also state the year the auditor began serving as the auditor. Refer to Rule 2-02(a)(3) of Regulation S-X and PCAOB AS No. 3101, paragraph .10(b) and (c).

# Audited Financial Statements - The Solaria Corporation

# Consolidated Statements of Operations and Comprehensive Loss, page F-125

31. Notwithstanding that this entity was subsequently acquired in November 2022 by Complete Solaria and became wholly-owned, please disclose on page F-125 or in the footnotes thereto, and also in the interim financial statements on page F-161, the net loss per share data, including the number of weighted average shares outstanding for each period presented. We note your inclusion of the net loss per share data in the comparative historical per share data on page 54 and the unaudited pro forma financial statements on pages 219 and 220.

# General

32. With a view toward disclosure, please tell us whether your sponsor is, is controlled by, or has substantial ties with a non-U.S. person. Please also tell us whether anyone or any entity associated with or otherwise involved in the transaction, is, is controlled by, or has substantial ties with a non-U.S. person. If so, also include risk factor disclosure that addresses how this fact could impact your ability to complete your initial business combination. For instance, discuss the risk to investors that you may not be able to complete an initial business combination with a U.S. target company should the transaction 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. Further, disclose that the time necessary for government review of the transaction or a decision to

Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 7

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 warrants, which would expire worthless.

33. Please quantify the aggregate dollar amount and describe the nature of what the sponsor, its affiliates, and the anchor investors have at risk that depends on completion of a business combination. Include the current value of securities held, loans extended, fees due, and out-of-pocket expenses for which the sponsor and its affiliates are awaiting reimbursement. Provide similar disclosure for the company's officers and directors, if material.

34. Please highlight the risk that the sponsor will benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate.

35. Please disclose the sponsor, its affiliates', and the anchor investors' total potential ownership interest in the combined company, assuming exercise and conversion of all securities, including the convertible notes.

36. We note that certain shareholders agreed to waive their redemption rights. Please describe any consideration provided in exchange for this agreement. Please also disclosure whether the anchor investors have agreed to waive their redemption rights

37. Please tell us whether you have entered into any agreements to ensure that the business combination is closed and that the minimum net tangible assets condition is met.

38. Please disclose whether and how your business segments, products, lines of service, projects, or operations are materially impacted by supply chain disruptions, especially in light of Russia's invasion of Ukraine. For example, discuss whether you have or expect to:
- suspend the production, purchase, sale or maintenance of certain items due to a lack of raw materials, parts, or equipment; inventory shortages; closed factories or stores; reduced headcount; or delayed projects;
- experience labor shortages that impact your business;
- experience cybersecurity attacks in your supply chain;
- experience higher costs due to constrained capacity or increased commodity prices or challenges sourcing materials (e.g., nickel, palladium, neon, cobalt, iron, platinum or other raw material sourced from Russia, Belarus, or Ukraine);
- experience surges or declines in consumer demand for which you are unable to adequately adjust your supply;
- be unable to supply products at competitive prices or at all due to export restrictions, sanctions, tariffs, trade barriers, or political or trade tensions among countries or the ongoing invasion; or
- be exposed to supply chain risk in light of Russia's invasion of Ukraine.

Explain whether and how you have undertaken efforts to mitigate the impact and where possible quantify the impact to your business.

Adam Gishen
Freedom Acquisition I Corp.
March 10, 2023
Page 8

39. Revise your disclosure to show the potential impact of redemptions on the per share value of the shares owned by non-redeeming shareholders by including a sensitivity analysis showing a range of redemption scenarios, including minimum, maximum and interim redemption levels.

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.

You may contact Beverly Singleton at (202) 551-3328 or Kevin Stertzel at (202) 551-3723 if you have questions regarding comments on the financial statements and related matters. Please contact Bradley Ecker at (202) 551-4985 or Erin Purnell at (202) 551-3454 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Manufacturing