# EDGAR Filing Document

**Accession Number:** 0001960208
**File Stem:** 0000000000-23-003005
**Filing Date:** 2023-3
**Character Count:** 46070
**Document Hash:** be85e096ddd777de84ecc4c0f13cde1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-003005.hdr.sgml**: 20231017

**ACCESSION NUMBER**: 0000000000-23-003005

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230324

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carbon Revolution Public Ltd Co
- **CENTRAL INDEX KEY:** 0001960208
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** L2

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

**BUSINESS ADDRESS:**
- **STREET 1:** TEN EARLSFORT TERRACE
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** D02 T380
- **BUSINESS PHONE:** 353-1-920-1000

**MAIL ADDRESS:**
- **STREET 1:** TEN EARLSFORT TERRACE
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** D02 T380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Carbon Revolution Ltd.
- **DATE OF NAME CHANGE:** 20221228
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001140361-23-008874

## Text-Extract

```

United States securities and exchange commission logo

                              March 24, 2023

       David Nock
       General Counsel
       Carbon Revolution Ltd.
       Ten Earlsfort Terrace
       Dublin 2, D02 T380
       Ireland

                                                        Re: Carbon Revolution
Ltd.
                                                            Registration
Statement on Form F-4
                                                            Filed February 27,
2023
                                                            File No. 333-270047

       Dear David Nock:

              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 F-4 filed February 27, 2023

       Market and Industry Data, page 6

   1.                                                   We note your disclosure
that you obtained some of the market and industry data included
                                                        in the registration
statement from various third-party sources and that you have not
                                                        independently verified
this information. This statement appears to imply a disclaimer of
                                                        responsibility for this
information in the registration statement. Please either revise this
                                                        section to remove such
implication or specifically state that you are liable for all
                                                        information in the
registration statement.
 David Nock
FirstName  LastNameDavid Nock
Carbon Revolution  Ltd.
Comapany
March      NameCarbon Revolution Ltd.
       24, 2023
March2 24, 2023 Page 2
Page
FirstName LastName
Sources and Uses of Consideration Provided by Twin Ridge to MergeCo in the
Business
Combination, page 20

2.       It appears that the Cash and Investment Held in the Trust Account
amount in the
         maximum redemption table does not reflect the impact of 100% of the
Twin Ridge Class
         A ordinary shares being redeemed in connection with the business
combination. Please
         clarify or update.
Market Price and Dividend Information
Carbon Revolution , page 23

3.       Please revise to briefly discuss the reasons that trading of shares of
Carbon Revolution
         was temporarily suspended on October 31, 2022 and also provide the
current share price
         on ASX. Additionally, revise to state that shares of Carbon Revolution
will cease to be
         quoted on the ASX after the closing of the business combination.
What interests do the current Twin Ridge shareholders and Twin Ridge's other
current officers
and directors have..., page 32

4.       We note the disclosure that the personal and financial interests of
the Sponsor as well as
         Twin Ridge   s executive officers and directors may have influenced
their motivation in
         identifying and selecting Carbon Revolution as a business combination
target. Please
         revise to discuss how the board considered those conflicts in
negotiating and
         recommending the business combination.
Carbon Revolution's or a third party's information technology system..., page
63

5.       We note that there has been a previous instance of unauthorized access
of Carbon
         Revolution   s IT systems and that when the issue was identified,
access was terminated
         and steps were then taken to increase security. Please expand your
disclosure to discuss
         the magnitude of the incident, its consequences and, if material, any
impact to Carbon
         Revolution's financial condition. Additionally, please describe the
extent and nature of the
         role of the board of directors in overseeing cybersecurity risks,
including in connection
         with the company   s supply chain/suppliers/service providers.
Tax Consequences of the Merger to U.S. Holders, page 117

6.       We note that you intend that the merger will qualify as a
"reorganization" within the
         meaning of Section 368(a). Please revise your disclosures to more
clearly state counsel's
         tax opinion on whether the transaction will qualify as a
reorganization. Also, state in your
         disclosure that the discussion is the opinion of tax counsel and
identify counsel. Whenever
         there is significant doubt about the tax consequences of the
transaction, it is permissible
         for the tax opinion to use    should    rather than    will,    but
counsel providing the opinion
         must explain why it cannot give a    will    opinion and describe the
degree of uncertainty in
         the opinion. Refer to Sections III.B and C of Staff Legal Bulletin 19.
 David Nock
FirstName  LastNameDavid Nock
Carbon Revolution  Ltd.
Comapany
March      NameCarbon Revolution Ltd.
       24, 2023
March3 24, 2023 Page 3
Page
FirstName LastName
Background to the Business Combination, page 148

7.       We note that financial projections without assumptions were presented
to Twin Ridge on
         October 24, 2022 and revised projections with assumptions were
presented to Twin Ridge
         and Craig-Hallum on November 13, 2022. Please tell us whether the
October 24, 2022
         projections are materially the same as the projections included in the
registration
         statement. If the projections are materially different, please explain
these differences, what
         changes were made and why. Additionally, disclose any discussions
relating to the
         assumptions underlying any projections.
Certain Unaudited Carbon Revolution Projected Financial Information, page 167

8.       Please expand your disclosure to discuss the material assumptions
underlying your
         estimated backlog, quantifying where applicable. Additionally, please
revise to disclose
         the number of years remaining in the lifetime of the programs included
in the estimated
         backlog and the basis for, and risk related to, including backlog for
years beyond CY2024.
Unaudited Pro Forma Condensed Combined Financial Information, page 174

9.       We note your disclosure on page 178 that MergeCo intends to grant
equity incentive
         awards equal to 5% of the number of issued and outstanding MergeCo
ordinary shares
         immediately after the closing of the business combination. Please
prominently disclose, if
         true, that the pro forma financial statements have not been adjusted
to reflect such
         issuance. To the extent the compensation charge is expected to be
material, please
         disclose as such and, if quantifiable, disclose the expected amount or
range of the
         compensation charge.
Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2022, page
179

10.      Please disclose on the face of the pro forma balance sheet the pro
forma common stock
         issued and outstanding.
Notes to Unaudited Pro Forma Condensed Financial Information
1. Basis of Presentation, page 182

11.      We note you "arithmetically derived" Twin Ridge's income statement for
the year ended
         June 30, 2022 from other financial statements. Please clearly disclose
your methodology
         for deriving the related statement of operations. Also disclose the
exchange rate(s) used in
         translating the Twin Ridge financial statements to Australian dollars.
3. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information,
page 183

12.      Regarding pro forma adjustment (b), please explain to us in greater
detail and revise your
         disclosures to clarify what this adjustment represents and why it is
necessary. In doing so,
         explain how you determined the $34.6 million fair value of the Founder
Shares and tell us
         why your pro forma statement of operations does not appear to reflect
an adjustment for
 David Nock
FirstName  LastNameDavid Nock
Carbon Revolution  Ltd.
Comapany
March      NameCarbon Revolution Ltd.
       24, 2023
March4 24, 2023 Page 4
Page
FirstName LastName
         the corresponding compensation charge. Additionally, quantify the fair
value of the
         shares transferred to the directors and explain your consideration of
whether a pro forma
         compensation charge is necessary given the assumed consummation of the
         recapitalization for pro forma purposes.
13.      We note that pro forma adjustment 1A impacts borrowings and equity in
addition to cash
         and marketable securities. Please revise your footnote to provide a
more comprehensive
         explanation of all items included in this pro forma adjustment.
14.      Please tell us how you determined the waiver of deferred underwriting
fees reflected
         in pro forma adjustment 1B should be recorded within income on your
statement of
         operations rather than as an adjustment to equity.
15.      Please revise your description of pro forma adjustment 1C.1 to explain
in greater detail the
         nature and terms of the share based award payment to advisors.
16.      We note that pro forma adjustments 1C, 1D, 1D.1, 1D.2 and 1D.3 reflect
estimated direct
         and incremental transaction costs. Citing authoritative accounting
guidance, as applicable,
         please tell us and disclose how Twin Ridge and Carbon Revolution
account for all
         transaction costs. Clearly describe any costs reflected as a reduction
of equity rather than
         expensed. Also revise your disclosures to more fully describe the
nature, amounts, and
         pro forma treatment of transaction costs included under each
redemption scenario.
         Consider providing a tabular presentation.
17.      We note your disclosure on page 176 that a 100% redemption scenario
will result in an
         IFRS 2 charge for the excess of fair value of MergeCo shares issued to
Twin Ridge
         shareholders. Please revise your pro forma financial statement
footnotes to clearly
         disclose where this charge has been reflected in the pro forma
statement of operations.
         Also revise the footnotes to prominently disclose that the maximum
redemption scenario
         would result in a negative cash balance.
Business of Carbon Revolution and Certain Information About Carbon Revolution,
page 186

18.      We note that you quantify revenue forecasts for fiscal years 2023 and
2024 on page 186.
         Please revise your disclosures to fully comply with Item 10(b) of
Regulation S-K. In
         particular, we note that Item 10(b)(2) indicates revenues, net income
(loss) and earnings
         (loss) per share usually are presented together in order to avoid any
misleading inferences
         that may arise when the individual items reflect contradictory trends
and that it generally
         would be misleading to present revenue projections without one of the
foregoing measures
         of income. In addition, confirm that going forward, pursuant to Item
10(b)(3)(iii), you
         will make full and prompt disclosure of material facts, both favorable
and unfavorable,
         regarding previously issued projections.
19.      Please revise to elaborate on the Mega-line project. Clearly state the
expected timeline for
         each phase of the Mega-line project, your current production capacity,
your expected
         production capacity at each phase of the Mega-line project and an
estimate of the capital
 David Nock
FirstName  LastNameDavid Nock
Carbon Revolution  Ltd.
Comapany
March      NameCarbon Revolution Ltd.
       24, 2023
March5 24, 2023 Page 5
Page
FirstName LastName
         expenditures required to complete each phase of the project.

20.      Please expand your disclosure to include a description of the sources
and availability of
         raw materials, including a description of whether prices of principal
raw materials are
         volatile. Refer to Item 4.B.4. of Form 20-F.
The Company, page 186

21.      We note your discussion of projected revenue in this section differs
from the revenue
         projections disclosed on page 170. Please revise to (i) clarify which
are the latest
         projections, (ii) clarify if the projections relate to the calendar
year or your fiscal year, (iii)
         discuss material differences from the projections provided to Twin
Ridge and Craig-
         Hallum and (iv) provide the material assumptions underlying the
projections and the
         limitations of those projections.
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
Carbon Revolution, page 200

22.      If applicable, please expand your discussion of interest rates to
describe their impact on
         your financial condition, including your balance sheet. For example,
given rising rates,
         describe any resulting impacts on your inventory, accounts payable,
long-term debt or
         accrued expense balances. Expand your disclosure to describe how you
are funding these
         additional costs.
23.      We note that you have experienced supply chain disruptions. 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. Revise to discuss known trends or uncertainties resulting
from mitigation
         efforts undertaken, if any. Explain whether any mitigation efforts
introduce new material
         risks, including those related to product quality, reliability or
regulatory approval of
         products.
24.      If applicable, please expand your disclosure to identify the principal
factors contributing
         to the inflationary pressures the company has experienced and clarify
the resulting impact
         to the company. Please also update your disclosure to identify actions
planned or taken, if
         any, to mitigate inflationary pressures.
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
Carbon Revolution
Capital Employed (in AUD, as of June 30, 2022), page 205

25.      We note that your presentation of    working capital    is calculated
as receivables plus
         inventories less payables. Considering your adjusted working capital
measure excludes
         certain current liabilities, please tell us how your presentation
complies with Item
         10(e)(1)(ii)(A) of Regulation S-K, which generally prohibits excluding
charges or
 David Nock
FirstName  LastNameDavid Nock
Carbon Revolution  Ltd.
Comapany
March      NameCarbon Revolution Ltd.
       24, 2023
March6 24, 2023 Page 6
Page
FirstName LastName
         liabilities that required or will require cash settlement from
non-GAAP liquidity
         measures. Also see the third bullet of Question 102.10(a) of the
Compliance and
         Disclosure Interpretations on Non-GAAP Financial Measures.
26.      Please clearly disclose how you calculate debtor days and inventory
days. To the extent
         you use average balances, ensure you specify how the average is
determined.
Current Outlook, page 206

27.      We note that you are pursuing short-term bridge funding and a new debt
facility. Please
         revise to provide an update on the status of the bridge funding and
new debt facility.
Critical Accounting Policies and Estimates, page 211

28.      We note that you perform impairment testing of fixed assets,
intangible assets, and right
         of use assets at the consolidated entity level. Please tell us in
sufficient detail how your
         impairment methodology complies with IAS 36 and why the recoverable
amount of each
         asset type cannot be estimated on an individual basis or at a
cash-generating unit below
         the consolidated level.
Management of MergeCo Following the Business Combination, page 229

29.      We note your disclosure on page 248 that MergeCo's board shall be
divided into three
         classes. Please revise to specify the class and term of each director
and director nominee.
Index to Financial Statements , page F-1

30.      We note that Carbon Revolution Limited financial statements for the
half-year ended
         December 31, 2022 have been provided on its website. Please include
the interim
         financial statements in your next amendment. See Item 8.A.5 of Form
20-F.
Carbon Revolution Limited Audited Financial Statements
Notes to the financial statements
Government grants, page F-53

31.      We note that you reflected payments related to the Australian Federal
Government's
         JobKeeper scheme within operating activities on your statement of cash
flows. Please tell
         us and disclose your accounting policy for classifying government
grants on your
         statement of cash flows and explain how your accounting treatment
complies with IAS 7
         and IAS 20.
Exhibits

32.      Please file the following agreements or explain why you are not
required to do so:
             material lease agreements;
             material debt agreements; and
             a form of indemnification agreement with MergeCo.
 David Nock
FirstName  LastNameDavid Nock
Carbon Revolution  Ltd.
Comapany
March      NameCarbon Revolution Ltd.
       24, 2023
March7 24, 2023 Page 7
Page
FirstName LastName
General

33.      Please provide us with any correspondence between Barclays, Evercore
and Twin Ridge
         relating to the resignations of Barclays and Evercore, including the
November 15, 2022
         letters.
34.      Please provide us with Barclays' and Evercore's engagement letters
with Twin Ridge.
         Please disclose any ongoing obligations of the company pursuant to the
engagement
         letters 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.
35.      Please disclose whether Barclays or Evercore assisted in the
preparation or review of any
         materials reviewed by Twin Ridge's board of directors or management
and whether
         Barclays and Evercore have withdrawn their association with those
materials and notified
         Twin Ridge of such disassociation. For context, include that there are
similar
         circumstances in which a financial institution is named and that the
         resignations indicate that Barclays and Evercore are not willing to
have the liability
         associated with such work in this transaction.
36.      Please revise your disclosure to highlight for investors that the
withdrawals of Barclays
         and Evercore indicate that they do not want to be associated with the
disclosure or
         underlying business analysis related to the transaction. In addition,
revise your disclosure
         to caution investors that they should not place any reliance on the
fact that Barclays and
         Evercore have been previously involved with the transaction.
37.      We understand that Barclays and Evercore, representatives of the
underwriters in your
         SPAC IPO, waived the deferred underwriting commissions that would
otherwise be due to
         them upon the closing of the business combination. Please disclose how
this waiver was
         obtained, why the waiver was agreed to and clarify Twin Ridge's
current relationship with
         Barclays and Evercore.
38.      Disclose whether Barclays and Evercore provided you with any reasons
for the fee
         waiver. If there was no dialogue and you did not seek out the reasons
why Barclays and
         Evercore waived deferred fees, despite already completing their
services, please indicate
         so in your registration statement. Further, revise the risk factor
disclosure to explicitly
         clarify that Barclays and Evercore performed all of their obligations
to obtain the fee and
         therefore is gratuitously waiving the right to be compensated.
39.      Please describe what relationship existed between Barclays/Evercore
and Twin Ridge
         after the close of the IPO, including any financial or merger-related
advisory services
         conducted by Barclays or Evercore. For example, clarify whether
Barclays or Evercore
         had any role in the identification or evaluation of business
combination targets.
40.      Please tell us whether you are aware of any disagreements with
Barclays or
         Evercore regarding the disclosure in your registration statement.
Further, please add risk
 David Nock
Carbon Revolution Ltd.
March 24, 2023
Page 8
         factor disclosure that clarifies that Barclays and Evercore were to be
compensated, in part,
         on a deferred basis for their underwriting services in connection with
the SPAC IPO and
         such services have already been rendered, yet Barclays and Evercore
waived such fees
         and are disclaiming responsibility for the registration statement.
Clarify the unusual nature
         of such a fee waiver and the impact of it on the evaluation of the
business combination.
41.      Please provide us with a letter from each of Barclays and Evercore
stating whether they
         agree with the statements made in your prospectus related to their
resignation and, if not,
         stating the respects in which they do not agree. Please revise your
disclosure accordingly
         to reflect that you have discussed the disclosure with each of
Barclays and Evercore and
         they either agree or do not agree with the conclusions and the risks
associated with such
         outcome. If Barclays and Evercore do not respond, please revise your
disclosure to
         indicate you have asked and not received a response and disclose the
risks to investors.
42.      Your charter waived the corporate opportunities doctrine. Please
address this potential
         conflict of interest and whether it impacted your search for an
acquisition target.
43.      Quantify the value of warrants, based on recent trading prices, that
may be retained by
         redeeming stockholders assuming maximum redemptions and identify any
material
         resulting risks.
44.      Please update the registration statement to reflect the results of
your March 6, 2023
         extraordinary general meeting. Please include the number of shares
that were redeemed
         and update the amount remaining in the trust account throughout the
registration
         statement.
        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 Mindy Hooker at 202-551-3732 or Andrew Blume at
202-551-3254 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Evan Ewing at 202-551-5920 or Jay Ingram at 202-551-3397 with any other
questions.

FirstName LastNameDavid Nock                                   Sincerely,
Comapany NameCarbon Revolution Ltd.
                                                               Division of
Corporation Finance
March 24, 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 24, 2023

David Nock  
General Counsel  
Carbon Revolution Ltd.  
Ten Earlsfort Terrace  
Dublin 2, D02 T380  
Ireland

# **Re: Carbon Revolution Ltd.  
Registration Statement on Form F-4  
Filed February 27, 2023  
File No. 333-270047**

Dear David Nock:

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 F-4 filed February 27, 2023

Market and Industry Data, page 6

1. We note your disclosure that you obtained some of the market and industry data included in the registration statement from various third-party sources and that you have not independently verified this information. This statement appears to imply a disclaimer of responsibility for this information in the registration statement. Please either revise this section to remove such implication or specifically state that you are liable for all information in the registration statement.

David Nock  
Carbon Revolution Ltd.  
March 24, 2023  
Page 2

# Sources and Uses of Consideration Provided by Twin Ridge to MergeCo in the Business Combination, page 20

2. It appears that the Cash and Investment Held in the Trust Account amount in the maximum redemption table does not reflect the impact of 100% of the Twin Ridge Class A ordinary shares being redeemed in connection with the business combination. Please clarify or update.

# Market Price and Dividend Information  
Carbon Revolution , page 23

3. Please revise to briefly discuss the reasons that trading of shares of Carbon Revolution was temporarily suspended on October 31, 2022 and also provide the current share price on ASX. Additionally, revise to state that shares of Carbon Revolution will cease to be quoted on the ASX after the closing of the business combination.

# What interests do the current Twin Ridge shareholders and Twin Ridge's other current officers and directors have..., page 32

4. We note the disclosure that the personal and financial interests of the Sponsor as well as Twin Ridge's executive officers and directors may have influenced their motivation in identifying and selecting Carbon Revolution as a business combination target. Please revise to discuss how the board considered those conflicts in negotiating and recommending the business combination.

# Carbon Revolution's or a third party's information technology system..., page 63

5. We note that there has been a previous instance of unauthorized access of Carbon Revolution's IT systems and that when the issue was identified, access was terminated and steps were then taken to increase security. Please expand your disclosure to discuss the magnitude of the incident, its consequences and, if material, any impact to Carbon Revolution's financial condition. Additionally, please describe the extent and nature of the role of the board of directors in overseeing cybersecurity risks, including in connection with the company's supply chain/suppliers/service providers.

# Tax Consequences of the Merger to U.S. Holders, page 117

6. We note that you intend that the merger will qualify as a 'reorganization' within the meaning of Section 368(a). Please revise your disclosures to more clearly state counsel's tax opinion on whether the transaction will qualify as a reorganization. Also, state in your disclosure that the discussion is the opinion of tax counsel and identify counsel. Whenever there is significant doubt about the tax consequences of the transaction, it is permissible for the tax opinion to use 'should' rather than 'will,' but counsel providing the opinion must explain why it cannot give a 'will' opinion and describe the degree of uncertainty in the opinion. Refer to Sections III.B and C of Staff Legal Bulletin 19.

David Nock  
Carbon Revolution Ltd.  
March 24, 2023  
Page 3

# Background to the Business Combination, page 148

7. We note that financial projections without assumptions were presented to Twin Ridge on October 24, 2022 and revised projections with assumptions were presented to Twin Ridge and Craig-Hallum on November 13, 2022. Please tell us whether the October 24, 2022 projections are materially the same as the projections included in the registration statement. If the projections are materially different, please explain these differences, what changes were made and why. Additionally, disclose any discussions relating to the assumptions underlying any projections.

# Certain Unaudited Carbon Revolution Projected Financial Information, page 167

8. Please expand your disclosure to discuss the material assumptions underlying your estimated backlog, quantifying where applicable. Additionally, please revise to disclose the number of years remaining in the lifetime of the programs included in the estimated backlog and the basis for, and risk related to, including backlog for years beyond CY2024.

# Unaudited Pro Forma Condensed Combined Financial Information, page 174

9. We note your disclosure on page 178 that MergeCo intends to grant equity incentive awards equal to 5% of the number of issued and outstanding MergeCo ordinary shares immediately after the closing of the business combination. Please prominently disclose, if true, that the pro forma financial statements have not been adjusted to reflect such issuance. To the extent the compensation charge is expected to be material, please disclose as such and, if quantifiable, disclose the expected amount or range of the compensation charge.

# Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2022, page 179

10. Please disclose on the face of the pro forma balance sheet the pro forma common stock issued and outstanding.

# Notes to Unaudited Pro Forma Condensed Financial Information

# 1. Basis of Presentation, page 182

11. We note you 'arithmetically derived' Twin Ridge's income statement for the year ended June 30, 2022 from other financial statements. Please clearly disclose your methodology for deriving the related statement of operations. Also disclose the exchange rate(s) used in translating the Twin Ridge financial statements to Australian dollars.

# 3. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information, page 183

12. Regarding pro forma adjustment (b), please explain to us in greater detail and revise your disclosures to clarify what this adjustment represents and why it is necessary. In doing so, explain how you determined the $34.6 million fair value of the Founder Shares and tell us why your pro forma statement of operations does not appear to reflect an adjustment for

David Nock
Carbon Revolution Ltd.
March 24, 2023
Page 4

the corresponding compensation charge. Additionally, quantify the fair value of the shares transferred to the directors and explain your consideration of whether a pro forma compensation charge is necessary given the assumed consummation of the recapitalization for pro forma purposes.

13. We note that pro forma adjustment 1A impacts borrowings and equity in addition to cash and marketable securities. Please revise your footnote to provide a more comprehensive explanation of all items included in this pro forma adjustment.
14. Please tell us how you determined the waiver of deferred underwriting fees reflected in pro forma adjustment 1B should be recorded within income on your statement of operations rather than as an adjustment to equity.
15. Please revise your description of pro forma adjustment 1C.1 to explain in greater detail the nature and terms of the share based award payment to advisors.
16. We note that pro forma adjustments 1C, 1D, 1D.1, 1D.2 and 1D.3 reflect estimated direct and incremental transaction costs. Citing authoritative accounting guidance, as applicable, please tell us and disclose how Twin Ridge and Carbon Revolution account for all transaction costs. Clearly describe any costs reflected as a reduction of equity rather than expensed. Also revise your disclosures to more fully describe the nature, amounts, and pro forma treatment of transaction costs included under each redemption scenario. Consider providing a tabular presentation.
17. We note your disclosure on page 176 that a 100% redemption scenario will result in an IFRS 2 charge for the excess of fair value of MergeCo shares issued to Twin Ridge shareholders. Please revise your pro forma financial statement footnotes to clearly disclose where this charge has been reflected in the pro forma statement of operations. Also revise the footnotes to prominently disclose that the maximum redemption scenario would result in a negative cash balance.

Business of Carbon Revolution and Certain Information About Carbon Revolution, page 186

18. We note that you quantify revenue forecasts for fiscal years 2023 and 2024 on page 186. Please revise your disclosures to fully comply with Item 10(b) of Regulation S-K. In particular, we note that Item 10(b)(2) indicates revenues, net income (loss) and earnings (loss) per share usually are presented together in order to avoid any misleading inferences that may arise when the individual items reflect contradictory trends and that it generally would be misleading to present revenue projections without one of the foregoing measures of income. In addition, confirm that going forward, pursuant to Item 10(b)(3)(iii), you will make full and prompt disclosure of material facts, both favorable and unfavorable, regarding previously issued projections.
19. Please revise to elaborate on the Mega-line project. Clearly state the expected timeline for each phase of the Mega-line project, your current production capacity, your expected production capacity at each phase of the Mega-line project and an estimate of the capital

David Nock
Carbon Revolution Ltd.
March 24, 2023
Page 5

expenditures required to complete each phase of the project.

20. Please expand your disclosure to include a description of the sources and availability of raw materials, including a description of whether prices of principal raw materials are volatile. Refer to Item 4.B.4. of Form 20-F.

The Company, page 186

21. We note your discussion of projected revenue in this section differs from the revenue projections disclosed on page 170. Please revise to (i) clarify which are the latest projections, (ii) clarify if the projections relate to the calendar year or your fiscal year, (iii) discuss material differences from the projections provided to Twin Ridge and Craig-Hallum and (iv) provide the material assumptions underlying the projections and the limitations of those projections.

Management's Discussion and Analysis of Financial Condition and Results of Operations of Carbon Revolution, page 200

22. If applicable, please expand your discussion of interest rates to describe their impact on your financial condition, including your balance sheet. For example, given rising rates, describe any resulting impacts on your inventory, accounts payable, long-term debt or accrued expense balances. Expand your disclosure to describe how you are funding these additional costs.

23. We note that you have experienced supply chain disruptions. 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. Revise to discuss known trends or uncertainties resulting from mitigation efforts undertaken, if any. Explain whether any mitigation efforts introduce new material risks, including those related to product quality, reliability or regulatory approval of products.

24. If applicable, please expand your disclosure to identify the principal factors contributing to the inflationary pressures the company has experienced and clarify the resulting impact to the company. Please also update your disclosure to identify actions planned or taken, if any, to mitigate inflationary pressures.

Management's Discussion and Analysis of Financial Condition and Results of Operations of Carbon Revolution

Capital Employed (in AUD, as of June 30, 2022), page 205

25. We note that your presentation of "working capital" is calculated as receivables plus inventories less payables. Considering your adjusted working capital measure excludes certain current liabilities, please tell us how your presentation complies with Item 10(e)(1)(ii)(A) of Regulation S-K, which generally prohibits excluding charges or

David Nock
Carbon Revolution Ltd.
March 24, 2023
Page 6

liabilities that required or will require cash settlement from non-GAAP liquidity measures. Also see the third bullet of Question 102.10(a) of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures.

26. Please clearly disclose how you calculate debtor days and inventory days. To the extent you use average balances, ensure you specify how the average is determined.

Current Outlook, page 206

27. We note that you are pursuing short-term bridge funding and a new debt facility. Please revise to provide an update on the status of the bridge funding and new debt facility.

Critical Accounting Policies and Estimates, page 211

28. We note that you perform impairment testing of fixed assets, intangible assets, and right of use assets at the consolidated entity level. Please tell us in sufficient detail how your impairment methodology complies with IAS 36 and why the recoverable amount of each asset type cannot be estimated on an individual basis or at a cash-generating unit below the consolidated level.

Management of MergeCo Following the Business Combination, page 229

29. We note your disclosure on page 248 that MergeCo's board shall be divided into three classes. Please revise to specify the class and term of each director and director nominee.

Index to Financial Statements, page F-1

30. We note that Carbon Revolution Limited financial statements for the half-year ended December 31, 2022 have been provided on its website. Please include the interim financial statements in your next amendment. See Item 8.A.5 of Form 20-F.

Carbon Revolution Limited Audited Financial Statements

Notes to the financial statements

Government grants, page F-53

31. We note that you reflected payments related to the Australian Federal Government's JobKeeper scheme within operating activities on your statement of cash flows. Please tell us and disclose your accounting policy for classifying government grants on your statement of cash flows and explain how your accounting treatment complies with IAS 7 and IAS 20.

Exhibits

32. Please file the following agreements or explain why you are not required to do so:
- material lease agreements;
- material debt agreements; and
- a form of indemnification agreement with MergeCo.

David Nock  
Carbon Revolution Ltd.  
March 24, 2023  
Page 7

# General

1. 33. Please provide us with any correspondence between Barclays, Evercore and Twin Ridge relating to the resignations of Barclays and Evercore, including the November 15, 2022 letters.
2. 34. Please provide us with Barclays' and Evercore's engagement letters with Twin Ridge. Please disclose any ongoing obligations of the company pursuant to the engagement letters 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.
3. 35. Please disclose whether Barclays or Evercore assisted in the preparation or review of any materials reviewed by Twin Ridge's board of directors or management and whether Barclays and Evercore have withdrawn their association with those materials and notified Twin Ridge of such disassociation. For context, include that there are similar circumstances in which a financial institution is named and that the resignations indicate that Barclays and Evercore are not willing to have the liability associated with such work in this transaction.
4. 36. Please revise your disclosure to highlight for investors that the withdrawals of Barclays and Evercore indicate that they do not want to be associated with the disclosure or underlying business analysis related to the transaction. In addition, revise your disclosure to caution investors that they should not place any reliance on the fact that Barclays and Evercore have been previously involved with the transaction.
5. 37. We understand that Barclays and Evercore, representatives of the underwriters in your SPAC IPO, waived the deferred underwriting commissions that would otherwise be due to them upon the closing of the business combination. Please disclose how this waiver was obtained, why the waiver was agreed to and clarify Twin Ridge's current relationship with Barclays and Evercore.
6. 38. Disclose whether Barclays and Evercore provided you with any reasons for the fee waiver. If there was no dialogue and you did not seek out the reasons why Barclays and Evercore waived deferred fees, despite already completing their services, please indicate so in your registration statement. Further, revise the risk factor disclosure to explicitly clarify that Barclays and Evercore performed all of their obligations to obtain the fee and therefore is gratuitously waiving the right to be compensated.
7. 39. Please describe what relationship existed between Barclays/Evercore and Twin Ridge after the close of the IPO, including any financial or merger-related advisory services conducted by Barclays or Evercore. For example, clarify whether Barclays or Evercore had any role in the identification or evaluation of business combination targets.
8. 40. Please tell us whether you are aware of any disagreements with Barclays or Evercore regarding the disclosure in your registration statement. Further, please add risk

David Nock
Carbon Revolution Ltd.
March 24, 2023
Page 8

factor disclosure that clarifies that Barclays and Evercore were to be compensated, in part, on a deferred basis for their underwriting services in connection with the SPAC IPO and such services have already been rendered, yet Barclays and Evercore waived such fees and are disclaiming responsibility for the registration statement. Clarify the unusual nature of such a fee waiver and the impact of it on the evaluation of the business combination.

41. Please provide us with a letter from each of Barclays and Evercore stating whether they agree with the statements made in your prospectus related to their resignation and, if not, stating the respects in which they do not agree. Please revise your disclosure accordingly to reflect that you have discussed the disclosure with each of Barclays and Evercore and they either agree or do not agree with the conclusions and the risks associated with such outcome. If Barclays and Evercore do not respond, please revise your disclosure to indicate you have asked and not received a response and disclose the risks to investors.
42. Your charter waived the corporate opportunities doctrine. Please address this potential conflict of interest and whether it impacted your search for an acquisition target.
43. Quantify the value of warrants, based on recent trading prices, that may be retained by redeeming stockholders assuming maximum redemptions and identify any material resulting risks.
44. Please update the registration statement to reflect the results of your March 6, 2023 extraordinary general meeting. Please include the number of shares that were redeemed and update the amount remaining in the trust account throughout the registration statement.

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 Mindy Hooker at 202-551-3732 or Andrew Blume at 202-551-3254 if you have questions regarding comments on the financial statements and related matters. Please contact Evan Ewing at 202-551-5920 or Jay Ingram at 202-551-3397 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Manufacturing