# EDGAR Filing Document

**Accession Number:** 0001957413
**File Stem:** 0000000000-23-000412
**Filing Date:** 2023-1
**Character Count:** 44738
**Document Hash:** 0ad7d42d19071073954d922ed1442b67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000412.hdr.sgml**: 20230504

**ACCESSION NUMBER**: 0000000000-23-000412

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230113

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chijet Motor Company, Inc.
- **CENTRAL INDEX KEY:** 0001957413
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 8 BEIJING S. RD.
- **STREET 2:** ECONOMIC & TECH. DEV. ZONE YANTAI
- **CITY:** SHANDONG
- **STATE:** F4
- **ZIP:** 000000
- **BUSINESS PHONE:** 8605352766202

**MAIL ADDRESS:**
- **STREET 1:** NO. 8 BEIJING S. RD.
- **STREET 2:** ECONOMIC & TECH. DEV. ZONE YANTAI
- **CITY:** SHANDONG
- **STATE:** F4
- **ZIP:** 000000
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-22-035713

## Text-Extract

```

United States securities and exchange commission logo

                                January 13, 2023

       Mu Hongwei
       Chief Executive Officer
       Chijet Motor Company, Inc.
       Sertus Chambers
       Governors Square, Suite #5-204
       23 Lime Tree Bay Avenue, P.O. Box 2547
       Grand Cayman, KY1-1104, Cayman Islands

                                                        Re: Chijet Motor
Company, Inc.
                                                            Draft Registration
Statement on Form F-4
                                                            Submitted December
16, 2022
                                                            CIK No. 0001957413

       Dear Mu Hongwei:

              We have reviewed your draft 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 providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. 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 the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Draft Registration Statement on Form F-4 submitted December 16, 2022

       General

   1.                                                   Your charter waived the
corporate opportunities doctrine. Please address this potential
                                                        conflict of interest
and whether it impacted your search for an acquisition target.
   2.                                                   Please disclose the
sponsor and its affiliates    total potential ownership interest in the
                                                        combined company,
assuming exercise and conversion of all securities.
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 2 13, 2023 Page 2
FirstName LastName
3.       Please expand your disclosure regarding the sponsor   s ownership
interest in the target
         company. Disclose the approximate dollar value of the interest based
on the transaction
         value and recent trading prices as compared to the price paid.
4.       We note that certain shareholders agreed to waive their redemption
rights. Please describe
         any consideration provided in exchange for this agreement.
5.       We note that I-Bankers Securities, Inc. performed additional services
after the IPO and
         part of the IPO underwriting fee was deferred and conditioned on
completion of a
         business combination. Please quantify the aggregate fees payable to
I-Bankers Securities,
         Inc. that are contingent on completion of the business combination.
6.       We note that you may enter into arrangements to sell additional
securities to complete the
         business combination transaction after returning funds to redeeming
stockholders. If
         applicable, revise your disclosure to discuss the key terms of any
convertible securities
         and to disclose the potential impact of those securities on
non-redeeming shareholders.
7.       Please update your compensation disclosure to reflect the fiscal year
ended December 31,
         2022.
8.       We note your disclosure on page 105 regarding Russia's invasion of
Ukraine. Please
         revise your filing, as applicable, to provide more specific disclosure
related to the direct or
         indirect impact that Russia's invasion of Ukraine and the
international response have had
         or may have on your business. For additional guidance, please see the
Division of
         Corporation Finance's Sample Letter to Companies Regarding Disclosures
Pertaining to
         Russia   s Invasion of Ukraine and Related Supply Chain Issues, issued
by the Staff in May
         2022.
9.       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
         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.
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 3 13, 2023 Page 3
FirstName LastName
Cover Page

10.      Clearly disclose how you will refer to the holding company and
subsidiaries when
         providing the disclosure throughout the document so that it is clear
to investors which
         entity the disclosure is referencing and which subsidiaries or
entities are conducting the
         business operations. Disclose clearly the entity (including the
domicile) in which
         investors are purchasing an interest.
11.      We note you have been advised by Mainland China counsel. Please ensure
you file
         counsel   s consent.
Market and Industry Data, page 14

12.      We note that the prospectus includes market, industry and other data
based on information
         from third-party sources. Please tell us if you commissioned any of
the industry or other
         data that you reference in the prospectus and, if so, file consents of
such third parties
         pursuant to Rule 436 of the Securities Act as exhibits to your
registration statement or
         advise.
Risk Factor Summary, page 20

13.      In your summary of risk factors, disclose the risks that your
corporate structure and being
         based in or having the majority of the company   s operations in China
poses to investors.
         In particular, describe the significant regulatory, liquidity, and
enforcement risks with
         cross-references to the more detailed discussion of these risks in the
prospectus. For
         example, specifically discuss risks arising from the legal system in
China, including risks
         and uncertainties regarding the enforcement of laws and that rules and
regulations in
         China can change quickly with little advance notice; and the risk that
the Chinese
         government may intervene or influence your operations at any time, or
may exert more
         control over offerings conducted overseas and/or foreign investment in
China-based
         issuers, which could result in a material change in your operations
and/or the value of the
         securities you are registering for sale. Acknowledge any risks that
any actions by the
         Chinese government to exert more oversight and control over offerings
that are conducted
         overseas and/or foreign investment in China-based issuers could
significantly limit or
         completely hinder your ability to offer or continue to offer
securities to investors and
         cause the value of such securities to significantly decline or be
worthless.
Questions and Answers for Stockholders of JWAC
Did JWAC's board of directors obtain a fairness opinion in determining whether
or not to
proceed with the Business Combination, page 25

14.      Please explain why JWAC's board of directors obtained a fairness
opinion in connection
         with the business combination.
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 4 13, 2023 Page 4
FirstName LastName
May JWAC, the Sponsor or JWAC's directors, officers, advisors..., page 26

15.      We note the disclosure on page 26 that the SPAC sponsor/affiliate
may    purchase SPAC
         securities in the open market and vote the securities in favor of
approval of the business
         combination transaction. Please provide your analysis on how such
potential purchases
         would comply with Rule 14e-5.
Summary of the Proxy Statement/ Prospectus
Interests of JWAC's Directors and Officers in the Business Combination, page 58

16.      Please quantify the aggregate dollar amount and describe the nature of
what the sponsor
         and its affiliates 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.
17.      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.
18.      Please clarify if the sponsor and its affiliates can earn a positive
rate of return on their
         investment, even if other SPAC shareholders experience a negative rate
of return in the
         post-business combination company.
19.      Please revise the conflicts of interest discussion so that it
highlights all material interests
         in the transaction held by the sponsor and the company   s officers
and directors. This
         could include fiduciary or contractual obligations to other entities
as well as any interest
         in, or affiliation with, the target company. In addition, please
clarify how the board
         considered those conflicts in negotiating and recommending the
business combination.
Unaudited Pro Forma Condensed Consolidated Combined Financial Information
Basis of Pro Forma Presentation, page 65

20.      Although you disclose on page 71 that your pro forma financial
statements were prepared
         in accordance with the recently amended pro forma guidance, you still
include references
         on page 65 to the legacy pro forma guidance regarding adjusting for
events that are
         directly attributable to the business combination, factually
supportable, and expected to
         have a continuing impact. Please revise your pro forma financial
statements to fully
         comply with Article 11 of Regulation S-X and to remove any references
to the legacy pro
         forma guidance. In doing so, confirm that your pro forma financial
statements include all
         necessary transaction accounting adjustments, including those that are
not expected to
         have a continuing impact.
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 5 13, 2023 Page 5
FirstName LastName
Risk Factors
Chijet's business model and technology have yet to be operated..., page 78

21.      Please clarify what you mean by your plans to "commercialize" electric
commercial
         vehicles and "commercialize" a large number of electric passenger
cars. In addition,
         please define "a large number" of electric passenger cars, and please
provide the
         anticipated timeline for completion of the electric vehicle
manufacturing site.
Chijet is dependent on its strategic partners and suppliers..., page 88

22.      We note your risk factor that your supply chain may be impacted by
your reliance on
         single source suppliers. Update your risks characterized as potential
if recent supply chain
         disruptions have impacted your operations.
Risks Related to Doing Business in China, page 116

23.      We note your disclosure on page 220 that one of your principal
subsidiaries, FAW Jilin, is
         29.5% owned by China FAW, a state-owned enterprise. Please add a
discussion in Risk
         Factors that addresses the risks associated with the mixed ownership.
In addition, please
         ensure that your disclosure on pages 220 and 221 include a balanced
discussion that
         acknowledges the risks of mixed ownership.
The PRC government exerts substantial influence..., page 119

24.      Disclose each permission or approval that you or your subsidiaries are
required to obtain
         from Chinese authorities to operate your business. State whether you
or your
         subsidiaries are covered by permissions requirements from the China
Securities
         Regulatory Commission (CSRC), Cyberspace Administration of China (CAC)
or any
         other governmental agency that is required to approve your operations,
and state
         affirmatively whether you have received all requisite permissions or
approvals and
         whether any permissions or approvals have been denied. Please also
describe the
         consequences to you and your investors if you or your subsidiaries:
(i) do not receive or
         maintain such permissions or approvals, (ii) inadvertently conclude
that such permissions
         or approvals are not required, or (iii) applicable laws, regulations,
or interpretations
         change and you are required to obtain such permissions or approvals in
the future. In
         addition, we note your disclosure you are not required to obtain
approval from Chinese
         authorities to list on U.S. exchanges. Provide the basis for your
conclusion that you are
         not required to obtain any permission or approval to list on U.S.
exchanges. If the basis
         for your conclusion is the advice of counsel, please state this and
identify counsel in your
         disclosure.
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 6 13, 2023 Page 6
FirstName LastName
The Business Combination Proposal
Earnout Provisions, page 160

25.      We note that the issuance of certain ChiJet shares are subject to an
earnout equal in value
         to $674 million and that the shares shall be issued and registered but
remain unvested and
         subject to potential surrender and cancellation provided the earnout
criteria are not met.
         Citing authoritative accounting guidance, such as ASC 718 and ASC
815-40, please tell us
         in sufficient detail how you intend to account for the earnout shares
upon issuance, vesting
         and/or cancellation. Ensure you provide your assessment of whether the
earnout
         falls within the scope of ASC 718, whether the earnout qualifies for
equity or liability
         classification, and how, if at all, the contingent value rights issued
to Jupiter Wellness
         Acquisition Corp. shareholders impact your accounting. Also clarify
why, as noted on
         page 64, the earnout is not given effect in the pro forma financial
statements.
Background of the Business Combination, page 167

26.      We note your disclosure in the penultimate paragraph on page 168 that
the Business
         Combination Agreement was based on the last versions of the business
combination
         agreement between DMAQ and Chijet with earnout and structure
reflecting a reduced
         valuation and was revised to formulate the earnout and make certain
other changes.
         Please specifically quantify the reduced valuation and "certain other
changes."
JWAC's Board of Directors' Reasons for the Approval of the Business
Combination, page 169

27.      We note your disclosure that JWAC reviewed the due diligence report
prepared for
         DMAQ by AlixPartners who had performed extensive due diligence,
including conducting
         extensive in-person meetings and calls with Chijet   s management team
and its
         representatives regarding Chijet   s operations and financial
prospects, and technical
         analysis. We note also your disclosure on page 168 that JWAC   s board
discussed
         assumptions and conclusions with the people at AlixPartners. Please
revise to include the
         assumptions discussed and the financial prospects that the JWAC board
considered in
         evaluating the business combination.
Material U.S. Federal Income Tax Considerations, page 194

28.      We note your disclosure that the surrender by a U.S. Holder of the
shares of Common
         Stock in exchange for the Pubco Ordinary Shares pursuant to the
Business Combination,
         when taken together with the other steps of the Business Combination,
should qualify as a
         non-recognition transaction pursuant to Section 351(a) of the Code.
Please file a tax
         opinion as Exhibit 8.1 that supports this statement. To extent that
you intend to file a
         short form tax opinion as Exhibit 8.1, please revise your disclosure
on page 194 to reflect
         the fact that the discussion reflects the opinion of counsel and is
not solely a "summary."
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 7 13, 2023 Page 7
FirstName LastName
Information About Chijet
Our Structure before and after the Business Combination, page 219

29.      Please improve legibility by increasing the font size of the text
included in your graphic.
         In addition, please include an ownership structure diagram in the
prospectus summary.
Legal proceedings, page 235

30.      We note your table depicting twelve separate legal proceedings with
varying current status
         that involve FAW Jilin as defendant. We note elsewhere in your
document, including
         within your contingencies footnotes on pages F-57 and F-88, that you
state "most" of your
         legal proceedings relating to FAW Jilin were settled. Please more
fully and consistently
         clarify the status of your legal proceedings throughout your filing
and, in doing so, ensure
         you provide all pertinent disclosures required by ASC 450-20-50-1
through - 5. It is
         unclear whether you believe certain loss contingencies are probable,
reasonably possible
         or remote and, given the various settlement and mediation agreements
reached, why it
         appears for most legal proceedings that "you did not record any
accrual for expected loss
         payments" as of the most recent annual and interim period ends. To the
extent it is
         reasonably possible you will incur losses in excess of recorded
accruals related to your
         contingencies, provide the applicable disclosures required by ASC
450-20-50-3 through -
         4, including the amount or range of reasonably possible losses in
excess of recorded
         amounts. Alternatively, if no amount of loss in excess of recorded
accruals is believed to
         be reasonably possible, please state this in your disclosure.
Chijet's Management's Discussion and Analysis of Financial Condition and
Results of
Operations, page 246

31.      Please discuss 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.
Chijet's Management's Discussion and Analysis of Financial Condition and
Results of
Operations
Results of Operations
Six months ended June 30, 2022 compared to six months ended June 30, 2021
Cost of Revenues - idle capacity, page 252

32.      Your annual and interim results of operations disclosures on page 252
and 254 state that
         the increase in idle capacity cost of revenues was mainly "due to the
temporary suspension
         at the factories." Please expand your disclosure to discuss the
reasons for and durations
         of the temporary suspensions at your factories. It is unclear if these
suspensions were
         related to COVID-19 closures or for other business reasons.
 Mu Hongwei
FirstName  LastNameMu  Hongwei
Chijet Motor Company, Inc.
Comapany
January 13,NameChijet
            2023      Motor Company, Inc.
January
Page 8 13, 2023 Page 8
FirstName LastName
Chijet Motor Company, Inc. Audited Financial Statements
2. Summary of Significant Accounting Policies
(b) Principles of consolidation, page F-66

33.      We note that the consolidated financial statements include the
financial statements of
         subsidiaries for which you are the "primary beneficiary." Please
confirm whether or not
         you consolidate any variable interest entities under the variable
interest model. If you
         strictly use the voting interest model, as your page 5 disclosure
suggests, remove all
         references to primary beneficiary or tell us why such disclosure is
appropriate.
(w) Government grants, page F-72

34.      We note that you receive government subsidies for specific purposes,
such as for land
         fulfillment costs and manufacturing plant construction. You disclose
that the specific
         subsidies are recognized as other income using a systematic basis or
when receivable,
         depending on the related expense or loss. Please tell us in further
detail the nature of
         government subsidies received and the related accounting treatment. In
doing so, describe
         the specific expenses for which you are being compensated, the timing
of the expense and
         related income recognition, and the extent to which subsidies are
recorded over the
         depreciable lives of the related assets. We note the materiality of
government grant
         income in relation to your operating expenses, including depreciation
and amortization, as
         well as to your investments in fixed assets and land use rights.
       You may contact Kevin Stertzel at 202-551-3723 or Andrew Blume at
202-551-3254 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Patrick Fullem at 202-551-8337 or Erin Purnell at 202-551-3454 with any
other
questions.

                                                              Sincerely,

                                                              Division of
Corporation Finance
                                                              Office of
Manufacturing
cc:      Arthur Marcus, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

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

January 13, 2023

Mu Hongwei
Chief Executive Officer
Chijet Motor Company, Inc.
Sertus Chambers
Governors Square, Suite #5-204
23 Lime Tree Bay Avenue, P.O. Box 2547
Grand Cayman, KY1-1104, Cayman Islands

**Re: Chijet Motor Company, Inc.**
**Draft Registration Statement on Form F-4**
**Submitted December 16, 2022**
**CIK No. 0001957413**

Dear Mu Hongwei:

We have reviewed your draft 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 providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. 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 the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Draft Registration Statement on Form F-4 submitted December 16, 2022

General

1. Your charter waived the corporate opportunities doctrine. Please address this potential conflict of interest and whether it impacted your search for an acquisition target.
2. Please disclose the sponsor and its affiliates' total potential ownership interest in the combined company, assuming exercise and conversion of all securities.

Mu Hongwei
Chijet Motor Company, Inc.
January 13, 2023
Page 2

3. Please expand your disclosure regarding the sponsor's ownership interest in the target company. Disclose the approximate dollar value of the interest based on the transaction value and recent trading prices as compared to the price paid.

4. We note that certain shareholders agreed to waive their redemption rights. Please describe any consideration provided in exchange for this agreement.

5. We note that I-Bankers Securities, Inc. performed additional services after the IPO and part of the IPO underwriting fee was deferred and conditioned on completion of a business combination. Please quantify the aggregate fees payable to I-Bankers Securities, Inc. that are contingent on completion of the business combination.

6. We note that you may enter into arrangements to sell additional securities to complete the business combination transaction after returning funds to redeeming stockholders. If applicable, revise your disclosure to discuss the key terms of any convertible securities and to disclose the potential impact of those securities on non-redeeming shareholders.

7. Please update your compensation disclosure to reflect the fiscal year ended December 31, 2022.

8. We note your disclosure on page 105 regarding Russia's invasion of Ukraine. Please revise your filing, as applicable, to provide more specific disclosure related to the direct or indirect impact that Russia's invasion of Ukraine and the international response have had or may have on your business. For additional guidance, please see the Division of Corporation Finance's Sample Letter to Companies Regarding Disclosures Pertaining to Russia's Invasion of Ukraine and Related Supply Chain Issues, issued by the Staff in May 2022.

9. 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 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.

Mu Hongwei
Chijet Motor Company, Inc.
January 13, 2023
Page 3

# Cover Page

10. Clearly disclose how you will refer to the holding company and subsidiaries when providing the disclosure throughout the document so that it is clear to investors which entity the disclosure is referencing and which subsidiaries or entities are conducting the business operations. Disclose clearly the entity (including the domicile) in which investors are purchasing an interest.

11. We note you have been advised by Mainland China counsel. Please ensure you file counsel's consent.

# Market and Industry Data, page 14

12. We note that the prospectus includes market, industry and other data based on information from third-party sources. Please tell us if you commissioned any of the industry or other data that you reference in the prospectus and, if so, file consents of such third parties pursuant to Rule 436 of the Securities Act as exhibits to your registration statement or advise.

# Risk Factor Summary, page 20

13. In your summary of risk factors, disclose the risks that your corporate structure and being based in or having the majority of the company's operations in China poses to investors. In particular, describe the significant regulatory, liquidity, and enforcement risks with cross-references to the more detailed discussion of these risks in the prospectus. For example, specifically discuss risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice; and the risk that the Chinese government may intervene or influence your operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in your operations and/or the value of the securities you are registering for sale. Acknowledge any risks that any actions by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

# Questions and Answers for Stockholders of JWAC

Did JWAC's board of directors obtain a fairness opinion in determining whether or not to proceed with the Business Combination, page 25

14. Please explain why JWAC's board of directors obtained a fairness opinion in connection with the business combination.

Mu Hongwei
Chijet Motor Company, Inc.
January 13, 2023
Page 4

# May JWAC, the Sponsor or JWAC's directors, officers, advisors..., page 26

15. We note the disclosure on page 26 that the SPAC sponsor/affiliate "may" purchase SPAC securities in the open market and vote the securities in favor of approval of the business combination transaction. Please provide your analysis on how such potential purchases would comply with Rule 14e-5.

# Summary of the Proxy Statement/ Prospectus

# Interests of JWAC's Directors and Officers in the Business Combination, page 58

16. Please quantify the aggregate dollar amount and describe the nature of what the sponsor and its affiliates 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.
17. 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.
18. Please clarify if the sponsor and its affiliates can earn a positive rate of return on their investment, even if other SPAC shareholders experience a negative rate of return in the post-business combination company.
19. Please revise the conflicts of interest discussion so that it highlights all material interests in the transaction held by the sponsor and the company's officers and directors. This could include fiduciary or contractual obligations to other entities as well as any interest in, or affiliation with, the target company. In addition, please clarify how the board considered those conflicts in negotiating and recommending the business combination.

# Unaudited Pro Forma Condensed Consolidated Combined Financial Information

# Basis of Pro Forma Presentation, page 65

20. Although you disclose on page 71 that your pro forma financial statements were prepared in accordance with the recently amended pro forma guidance, you still include references on page 65 to the legacy pro forma guidance regarding adjusting for events that are directly attributable to the business combination, factually supportable, and expected to have a continuing impact. Please revise your pro forma financial statements to fully comply with Article 11 of Regulation S-X and to remove any references to the legacy pro forma guidance. In doing so, confirm that your pro forma financial statements include all necessary transaction accounting adjustments, including those that are not expected to have a continuing impact.

Mu Hongwei  
Chijet Motor Company, Inc.  
January 13, 2023  
Page 5

### Risk Factors

#### Chijet's business model and technology have yet to be operated..., page 78

21. Please clarify what you mean by your plans to 'commercialize' electric commercial vehicles and 'commercialize' a large number of electric passenger cars. In addition, please define 'a large number' of electric passenger cars, and please provide the anticipated timeline for completion of the electric vehicle manufacturing site.

#### Chijet is dependent on its strategic partners and suppliers..., page 88

22. We note your risk factor that your supply chain may be impacted by your reliance on single source suppliers. Update your risks characterized as potential if recent supply chain disruptions have impacted your operations.

#### Risks Related to Doing Business in China, page 116

23. We note your disclosure on page 220 that one of your principal subsidiaries, FAW Jilin, is 29.5% owned by China FAW, a state-owned enterprise. Please add a discussion in Risk Factors that addresses the risks associated with the mixed ownership. In addition, please ensure that your disclosure on pages 220 and 221 include a balanced discussion that acknowledges the risks of mixed ownership.

#### The PRC government exerts substantial influence..., page 119

24. Disclose each permission or approval that you or your subsidiaries are required to obtain from Chinese authorities to operate your business. State whether you or your subsidiaries are covered by permissions requirements from the China Securities Regulatory Commission (CSRC), Cyberspace Administration of China (CAC) or any other governmental agency that is required to approve your operations, and state affirmatively whether you have received all requisite permissions or approvals and whether any permissions or approvals have been denied. Please also describe the consequences to you and your investors if you or your subsidiaries: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and you are required to obtain such permissions or approvals in the future. In addition, we note your disclosure you are not required to obtain approval from Chinese authorities to list on U.S. exchanges. Provide the basis for your conclusion that you are not required to obtain any permission or approval to list on U.S. exchanges. If the basis for your conclusion is the advice of counsel, please state this and identify counsel in your disclosure.

Mu Hongwei  
Chijet Motor Company, Inc.  
January 13, 2023  
Page 6

## The Business Combination Proposal

### Earnout Provisions, page 160

25. We note that the issuance of certain ChiJet shares are subject to an earnout equal in value to $674 million and that the shares shall be issued and registered but remain unvested and subject to potential surrender and cancellation provided the earnout criteria are not met. Citing authoritative accounting guidance, such as ASC 718 and ASC 815-40, please tell us in sufficient detail how you intend to account for the earnout shares upon issuance, vesting and/or cancellation. Ensure you provide your assessment of whether the earnout falls within the scope of ASC 718, whether the earnout qualifies for equity or liability classification, and how, if at all, the contingent value rights issued to Jupiter Wellness Acquisition Corp. shareholders impact your accounting. Also clarify why, as noted on page 64, the earnout is not given effect in the pro forma financial statements.

### Background of the Business Combination, page 167

26. We note your disclosure in the penultimate paragraph on page 168 that the Business Combination Agreement was based on the last versions of the business combination agreement between DMAQ and Chijet with earnout and structure reflecting a reduced valuation and was revised to formulate the earnout and make certain other changes. Please specifically quantify the reduced valuation and 'certain other changes.'

### JWAC's Board of Directors' Reasons for the Approval of the Business Combination, page 169

27. We note your disclosure that JWAC reviewed the due diligence report prepared for DMAQ by AlixPartners who had performed extensive due diligence, including conducting extensive in-person meetings and calls with Chijet's management team and its representatives regarding Chijet's operations and financial prospects, and technical analysis. We note also your disclosure on page 168 that JWAC's board discussed assumptions and conclusions with the people at AlixPartners. Please revise to include the assumptions discussed and the financial prospects that the JWAC board considered in evaluating the business combination.

### Material U.S. Federal Income Tax Considerations, page 194

28. We note your disclosure that the surrender by a U.S. Holder of the shares of Common Stock in exchange for the Pubco Ordinary Shares pursuant to the Business Combination, when taken together with the other steps of the Business Combination, should qualify as a non-recognition transaction pursuant to Section 351(a) of the Code. Please file a tax opinion as Exhibit 8.1 that supports this statement. To extent that you intend to file a short form tax opinion as Exhibit 8.1, please revise your disclosure on page 194 to reflect the fact that the discussion reflects the opinion of counsel and is not solely a 'summary.'

Mu Hongwei  
Chijet Motor Company, Inc.  
January 13, 2023  
Page 7

## Information About Chijet

### Our Structure before and after the Business Combination, page 219

29. Please improve legibility by increasing the font size of the text included in your graphic. In addition, please include an ownership structure diagram in the prospectus summary.

### Legal proceedings, page 235

30. We note your table depicting twelve separate legal proceedings with varying current status that involve FAW Jilin as defendant. We note elsewhere in your document, including within your contingencies footnotes on pages F-57 and F-88, that you state 'most' of your legal proceedings relating to FAW Jilin were settled. Please more fully and consistently clarify the status of your legal proceedings throughout your filing and, in doing so, ensure you provide all pertinent disclosures required by ASC 450-20-50-1 through - 5. It is unclear whether you believe certain loss contingencies are probable, reasonably possible or remote and, given the various settlement and mediation agreements reached, why it appears for most legal proceedings that 'you did not record any accrual for expected loss payments' as of the most recent annual and interim period ends. To the extent it is reasonably possible you will incur losses in excess of recorded accruals related to your contingencies, provide the applicable disclosures required by ASC 450-20-50-3 through - 4, including the amount or range of reasonably possible losses in excess of recorded amounts. Alternatively, if no amount of loss in excess of recorded accruals is believed to be reasonably possible, please state this in your disclosure.

### Chijet's Management's Discussion and Analysis of Financial Condition and Results of Operations, page 246

31. Please discuss 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.

### Chijet's Management's Discussion and Analysis of Financial Condition and Results of Operations

#### Results of Operations

#### Six months ended June 30, 2022 compared to six months ended June 30, 2021

#### Cost of Revenues - idle capacity, page 252

32. Your annual and interim results of operations disclosures on page 252 and 254 state that the increase in idle capacity cost of revenues was mainly 'due to the temporary suspension at the factories.' Please expand your disclosure to discuss the reasons for and durations of the temporary suspensions at your factories. It is unclear if these suspensions were related to COVID-19 closures or for other business reasons.

Mu Hongwei  
Chijet Motor Company, Inc.  
January 13, 2023  
Page 8

# Chijet Motor Company, Inc. Audited Financial Statements

# 2. Summary of Significant Accounting Policies

# (b) Principles of consolidation, page F-66

33. We note that the consolidated financial statements include the financial statements of subsidiaries for which you are the 'primary beneficiary.' Please confirm whether or not you consolidate any variable interest entities under the variable interest model. If you strictly use the voting interest model, as your page 5 disclosure suggests, remove all references to primary beneficiary or tell us why such disclosure is appropriate.

# (w) Government grants, page F-72

34. We note that you receive government subsidies for specific purposes, such as for land fulfillment costs and manufacturing plant construction. You disclose that the specific subsidies are recognized as other income using a systematic basis or when receivable, depending on the related expense or loss. Please tell us in further detail the nature of government subsidies received and the related accounting treatment. In doing so, describe the specific expenses for which you are being compensated, the timing of the expense and related income recognition, and the extent to which subsidies are recorded over the depreciable lives of the related assets. We note the materiality of government grant income in relation to your operating expenses, including depreciation and amortization, as well as to your investments in fixed assets and land use rights.

You may contact Kevin Stertzel at 202-551-3723 or Andrew Blume at 202-551-3254 if you have questions regarding comments on the financial statements and related matters. Please contact Patrick Fullem at 202-551-8337 or Erin Purnell at 202-551-3454 with any other questions.

Sincerely,

Division of Corporation Finance Office of Manufacturing

cc: Arthur Marcus, Esq.