# EDGAR Filing Document

**Accession Number:** 0001951222
**File Stem:** 0000000000-23-000195
**Filing Date:** 2023-1
**Character Count:** 31558
**Document Hash:** b74cccf899a65b358e330f1f70758253
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000195.hdr.sgml**: 20230426

**ACCESSION NUMBER**: 0000000000-23-000195

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230106

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEALSQ Corp
- **CENTRAL INDEX KEY:** 0001951222
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** AVENUE LOUIS-CASAI 58
- **CITY:** COINTRIN
- **STATE:** V8
- **ZIP:** 1216
- **BUSINESS PHONE:** 212-336-2039

**MAIL ADDRESS:**
- **STREET 1:** CRAIGMUIR CHAMBERS, ROAD TOWN
- **CITY:** TORTOLA
- **STATE:** D8
- **ZIP:** VG 1110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEAL (BVI) Corp.
- **DATE OF NAME CHANGE:** 20221019
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193805-22-001684

## Text-Extract

```

United States securities and exchange commission logo

                               January 6, 2023

       Carlos Moreira
       Chief Executive Officer
       SEALSQ Corp
       Avenue Louis-Casa   58
       1216 Cointrin, Switzerland

                                                        Re: SEALSQ Corp
                                                            Draft Registration
Statement on Form F-1
                                                            Submitted December
9, 2022
                                                            CIK No. 0001951222

       Dear Carlos Moreira:

              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-1 submitted December 9, 2022

       Cover Page

   1.                                                   Disclose whether your
spin-off distribution is contingent upon final approval of your
                                                        NASDAQ listing on your
cover page.
       Market Data, page 3

   2.                                                   We note that the
prospectus includes market 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.
 Carlos Moreira
SEALSQ Corp
January 6, 2023
Page 2
3.       We note your disclosure that you obtained some of the market and
industry data included
         in the registration statement from publicly available information and
industry
         publications and that you have not independently verified data 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.
Prospectus Summary, page 10

4.       Please revise your summary to present an objective description of the
challenges and/or
         weakness of your business and operations. For example, you highlight
your growth
         strategies and competitive strengths without equally prominent
disclosure regarding your
         weaknesses.
Risk Factors, page 29

5.       Please disclose whether you are subject to material cybersecurity
risks in your supply
         chain based on third-party products, software, or services used in
your products, services,
         or business and how a cybersecurity incident in your supply chain
could impact your
         business. Discuss the measures you have taken to mitigate these risks.
Please revise to
         also describe the extent and nature of the role of the company's board
of directors in
         overseeing cybersecurity risks, including in connection with your
supply
         chain/suppliers/service providers.
6.       If material, please include a risk factor discussing if recent
inflationary pressures have
         materially impacted your operations and identify the principal factors
contributing to the
         inflationary pressures the company has experienced and clarify the
resulting impacts to
         the company. Also identify actions planned or taken, if any, to
mitigate inflationary
         pressures.
Our supply chain depends on third-party suppliers..., page 35

7.       We note your disclosure that your supply chain depends on third-party
suppliers. If
         material, please revise to include a description of the material terms
of your agreements
         with those suppliers.
We derive a significant amount of our revenues..., page 46

8.     We note that for the year ended December 31, 2021, your ten largest
customers accounted
FirstName LastNameCarlos Moreira
       for 83% of your revenue. To the extent your business is materially
dependent on a
Comapany    NameSEALSQ
       customer,            Corp
                 please revise to disclose the material terms of any agreements
you have with
       such customer.
January 6, 2023 Page 2
FirstName LastName
 Carlos Moreira
FirstName  LastNameCarlos Moreira
SEALSQ Corp
Comapany
January    NameSEALSQ Corp
        6, 2023
January
Page 3 6, 2023 Page 3
FirstName LastName
The dual class structure of our shares features..., page 47

9.       We note your disclosure that certain provisions of your Amended and
         Restated Memorandum and Articles of Association are novel or otherwise
not common
         among other corporations. Please revise to provide a more detailed
discussion of these
         provisions or provide a cross-reference to a more detailed discussion.
Capitalization, page 50

10.      Please consider removing the Capitalization Table as you are effecting
a Spin-off
         Distribution and are not raising capital from this transaction or
explain to us why you
         believe its presentation is necessary.
Unaudited Pro Forma Condensed Combined Financial Information, page 51

11.      We note the pro forma financial information has been presented to
illustrate the
         combination of SEALSQ and the Semiconductor Group as a reverse
acquisition that
         qualifies as a recapitalization. As both entities are controlled by
WiseKey International
         Holdings, please revise your pro forma introductory paragraph and the
notes to the pro
         forma financial statements to describe the recapitalization as a
transaction between entities
         under common control and revise your presentation accordingly.
12.      You disclose that the pro forma financial information give effect to
transaction accounting
         adjustments that reflect the entries that are (i) directly
attributable to the combination and
         (ii) factually supportable. Please revise the disclosures and, if
applicable, the related pro
         forma adjustments to comply with the updated guidance in Article
11-02(a)(6) of
         Regulation S- X and Section II.D of SEC Release 33-10786.
13.      Please remove all unaudited pro forma balance sheets other the most
recent interim period
         ended on June 30, 2022.
14.      Please revise your unaudited pro forma financial statements to include
a column for
         SEALSQ from date of inception to June 30, 2022.
15.      Your pro forma earnings per share does not appear to reflect the
Consideration Shares
         issued by SEALSQ. Please revise to reflect those shares in your
weighted average number
         of shares used in your pro forma earnings per shares calculation, or
explain why you do
         you believe such revision should be made. In this regard, please also
disclose how you
         determined the weighted average number of shares used in your
calculation.
 Carlos Moreira
FirstName  LastNameCarlos Moreira
SEALSQ Corp
Comapany
January    NameSEALSQ Corp
        6, 2023
January
Page 4 6, 2023 Page 4
FirstName LastName
Management's Discussion and Analysis of Financial Condition and Results of
Operations, page
60

16.      We note your $44 million backlog of customer orders. 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. 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.
17.      We note your disclosure on page 69 that you have undertaken several
initiatives to
         increase revenue, including entering into new strategic partnerships.
To the extent
         material, please disclose the terms of those strategic partnerships
and any
         related agreements.
Liquidity and Capital Resources, page 61

18.      Update the Liquidity and Capital Resources section in MD&A to disclose
all current
         material debt of the company. Additionally, update the material
contracts section on page
         94 to disclose the current status of your material contracts,
including your revolving credit
         agreement and other debt agreements.
19.      We note that the SEALSQ Group holds a credit line with WISeKey that
undertakes to
         provide support for its future cash requirements to enable it to meet
its commitments for
         the foreseeable future. Please revise to disclose the maximum amount
you can withdraw
         from the credit line. If the maximum amount has not been established,
please state as such
         in your disclosure.
Business, page 77

20.      Please revise the description of your business to further discuss your
         cryptography business. Discuss whether your business is or will be
dependent on a
         blockchain that you did not develop. If so, please revise to describe
those blockchains and
         the risks and challenges related to such reliance; if not, please
describe the risks related to
         developing and maintaining your own blockchain, if applicable. Please
also disclose (i)
         the material terms and characteristics of your non-fungible tokens
("NFTs") and any other
         digital asset that you issue or use, including the process by which
the NFTs and any other
         digital assets will be distributed to users and the risks to your
users of holding the digital
         assets (e.g., any risks and challenges related to the storage or
custody of the private key(s)
         granting access to the digital assets, such as the threat of a
cybersecurity breach).
21.      Please revise your business section to provide a discussion of the
sources and availability
         of raw materials. Refer to Item 4.B.4 of Form 20-F.
 Carlos Moreira
FirstName  LastNameCarlos Moreira
SEALSQ Corp
Comapany
January    NameSEALSQ Corp
        6, 2023
January
Page 5 6, 2023 Page 5
FirstName LastName
Business
Background and Purpose of the Spin-Off Distribution, page 79

22.      We note that you engaged an independent third-party to assist with the
         valuation services. Revise to disclose the name of the expert and file
a consent as an
         exhibit to the registration statement. Refer to Question 233.02 of the
Securities Act Rules
         Compliance and Disclosure Interpretations.
23.      Please substantially revise this section to describe the independent
valuation report and the
         projections included therein. Disclose the material assumptions
underlying the valuation
         report and projections in addition to the limitations of the
projections, including, as
         applicable, assumptions with respect to general business, economic,
regulatory, market
         and financial conditions and other factors. Please revise to describe
such assumptions with
         specificity and quantify where practicable. Ensure your revisions
adequately explain (i)
         why the basis of the projections is reasonable (ii) the basis of the
projections beyond year
         three and (iii) the reasonableness of the assumptions underlying your
projected long-term
         growth rates. Please disclose any other information to facilitate
investor understanding of
         the basis for, and limitations of, the valuation report and
projections.
Service of Process and Enforcement of Civil Liabilities, page 134

24.      We note your disclosure here and on page 2 regarding service of
process and enforcement
         of civil liabilities. Please disclose these risks in a separate risk
factor.

Index to Consolidated Financial Statements, page F-1

25.      We note audited financial statements of the registrant, SEALSQ Corp
have been omitted.
         A foreign private issuer that has been in existence less than a year
must include an audited
         balance sheet that is no more than nine months old. If the foreign
private issuer has
         commenced operations, audited statements of comprehensive income,
stockholders
         equity and cash flows for the period from the date of inception to the
date of the audited
         balance sheet also are required. Please provide audited financial
statements of the
         registrant.
Exhibits

26.      Please file the following agreements or explain why you are not
required to do so:
             Employee Share Option Plan;
             Debt Remission Agreement; and
             Separation Agreements.
 Carlos Moreira
FirstName  LastNameCarlos Moreira
SEALSQ Corp
Comapany
January    NameSEALSQ Corp
        6, 2023
January
Page 6 6, 2023 Page 6
FirstName LastName
General

27.      Please tell us why WISeKey International Holding AG is not named as a
selling
         shareholder and a statutory underwriter under Section 2(a)(11) of the
Securities Act.
          Refer to the Commission   s guidance in Staff Legal Bulletin No. 4
(CF) dated September
         16, 1997.
28.      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 or in light of the
effectiveness of the UFLPA. 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;
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 or
cotton, polysilicon,
              lithium, nickel, manganese, beryllium, copper, gold or other raw
material sourced
              from Western China);
             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
             be exposed to supply chain risk in light of Russia   s invasion of
Ukraine, the
              effectiveness of the UFLPA and/or related geopolitical tension or
have sought to    de-
              globalize    your supply chain.
         Explain whether and how you have undertaken efforts to mitigate the
impact and where
         possible quantify the impact to your business.
       You may contact Eiko Yaoita Pyles at (202) 551-3587 or Jean Yu at (202)
551-3305 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Patrick Fullem at (202) 551-8337 or Evan Ewing at (202) 551-5920 with
any other
questions.

                                                               Sincerely,

                                                               Division of
Corporation Finance
                                                               Office of
Manufacturing
cc:      Herman H. Rasp

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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

CORPORATION FINANCE

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

January 6, 2023

Carlos Moreira  
Chief Executive Officer  
SEALSQ Corp  
Avenue Louis-Casaï 58  
1216 Cointrin, Switzerland

# **Re: SEALSQ Corp**  
**Draft Registration Statement on Form F-1**  
**Submitted December 9, 2022**  
**CIK No. 0001951222**

Dear Carlos Moreira:

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-1 submitted December 9, 2022

# Cover Page

1. Disclose whether your spin-off distribution is contingent upon final approval of your NASDAQ listing on your cover page.

# Market Data, page 3

2. We note that the prospectus includes market 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.

Carlos Moreira
SEALSQ Corp
January 6, 2023
Page 2

3. We note your disclosure that you obtained some of the market and industry data included in the registration statement from publicly available information and industry publications and that you have not independently verified data 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.

Prospectus Summary, page 10

4. Please revise your summary to present an objective description of the challenges and/or weakness of your business and operations. For example, you highlight your growth strategies and competitive strengths without equally prominent disclosure regarding your weaknesses.

Risk Factors, page 29

5. Please disclose whether you are subject to material cybersecurity risks in your supply chain based on third-party products, software, or services used in your products, services, or business and how a cybersecurity incident in your supply chain could impact your business. Discuss the measures you have taken to mitigate these risks. Please revise to also describe the extent and nature of the role of the company's board of directors in overseeing cybersecurity risks, including in connection with your supply chain/suppliers/service providers.

6. If material, please include a risk factor discussing if recent inflationary pressures have materially impacted your operations and identify the principal factors contributing to the inflationary pressures the company has experienced and clarify the resulting impacts to the company. Also identify actions planned or taken, if any, to mitigate inflationary pressures.

Our supply chain depends on third-party suppliers..., page 35

7. We note your disclosure that your supply chain depends on third-party suppliers. If material, please revise to include a description of the material terms of your agreements with those suppliers.

We derive a significant amount of our revenues..., page 46

8. We note that for the year ended December 31, 2021, your ten largest customers accounted for 83% of your revenue. To the extent your business is materially dependent on a customer, please revise to disclose the material terms of any agreements you have with such customer.

Carlos Moreira
SEALSQ Corp
January 6, 2023
Page 3

The dual class structure of our shares features..., page 47

9. We note your disclosure that certain provisions of your Amended and Restated Memorandum and Articles of Association are novel or otherwise not common among other corporations. Please revise to provide a more detailed discussion of these provisions or provide a cross-reference to a more detailed discussion.

Capitalization, page 50

10. Please consider removing the Capitalization Table as you are effecting a Spin-off Distribution and are not raising capital from this transaction or explain to us why you believe its presentation is necessary.

Unaudited Pro Forma Condensed Combined Financial Information, page 51

11. We note the pro forma financial information has been presented to illustrate the combination of SEALSQ and the Semiconductor Group as a reverse acquisition that qualifies as a recapitalization. As both entities are controlled by WiseKey International Holdings, please revise your pro forma introductory paragraph and the notes to the pro forma financial statements to describe the recapitalization as a transaction between entities under common control and revise your presentation accordingly.

12. You disclose that the pro forma financial information give effect to transaction accounting adjustments that reflect the entries that are (i) directly attributable to the combination and (ii) factually supportable. Please revise the disclosures and, if applicable, the related pro forma adjustments to comply with the updated guidance in Article 11-02(a)(6) of Regulation S- X and Section II.D of SEC Release 33-10786.

13. Please remove all unaudited pro forma balance sheets other the most recent interim period ended on June 30, 2022.

14. Please revise your unaudited pro forma financial statements to include a column for SEALSQ from date of inception to June 30, 2022.

15. Your pro forma earnings per share does not appear to reflect the Consideration Shares issued by SEALSQ. Please revise to reflect those shares in your weighted average number of shares used in your pro forma earnings per shares calculation, or explain why you do you believe such revision should be made. In this regard, please also disclose how you determined the weighted average number of shares used in your calculation.

Carlos Moreira
SEALSQ Corp
January 6, 2023
Page 4

# Management's Discussion and Analysis of Financial Condition and Results of Operations, page 60

16. We note your $44 million backlog of customer orders. 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. 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.

17. We note your disclosure on page 69 that you have undertaken several initiatives to increase revenue, including entering into new strategic partnerships. To the extent material, please disclose the terms of those strategic partnerships and any related agreements.

# Liquidity and Capital Resources, page 61

18. Update the Liquidity and Capital Resources section in MD&A to disclose all current material debt of the company. Additionally, update the material contracts section on page 94 to disclose the current status of your material contracts, including your revolving credit agreement and other debt agreements.

19. We note that the SEALSQ Group holds a credit line with WISeKey that undertakes to provide support for its future cash requirements to enable it to meet its commitments for the foreseeable future. Please revise to disclose the maximum amount you can withdraw from the credit line. If the maximum amount has not been established, please state as such in your disclosure.

# Business, page 77

20. Please revise the description of your business to further discuss your cryptography business. Discuss whether your business is or will be dependent on a blockchain that you did not develop. If so, please revise to describe those blockchains and the risks and challenges related to such reliance; if not, please describe the risks related to developing and maintaining your own blockchain, if applicable. Please also disclose (i) the material terms and characteristics of your non-fungible tokens ("NFTs") and any other digital asset that you issue or use, including the process by which the NFTs and any other digital assets will be distributed to users and the risks to your users of holding the digital assets (e.g., any risks and challenges related to the storage or custody of the private key(s) granting access to the digital assets, such as the threat of a cybersecurity breach).

21. Please revise your business section to provide a discussion of the sources and availability of raw materials. Refer to Item 4.B.4 of Form 20-F.

Carlos Moreira
SEALSQ Corp
January 6, 2023
Page 5

# Business

# Background and Purpose of the Spin-Off Distribution, page 79

22. We note that you engaged an independent third-party to assist with the valuation services. Revise to disclose the name of the expert and file a consent as an exhibit to the registration statement. Refer to Question 233.02 of the Securities Act Rules Compliance and Disclosure Interpretations.

23. Please substantially revise this section to describe the independent valuation report and the projections included therein. Disclose the material assumptions underlying the valuation report and projections in addition to the limitations of the projections, including, as applicable, assumptions with respect to general business, economic, regulatory, market and financial conditions and other factors. Please revise to describe such assumptions with specificity and quantify where practicable. Ensure your revisions adequately explain (i) why the basis of the projections is reasonable (ii) the basis of the projections beyond year three and (iii) the reasonableness of the assumptions underlying your projected long-term growth rates. Please disclose any other information to facilitate investor understanding of the basis for, and limitations of, the valuation report and projections.

# Service of Process and Enforcement of Civil Liabilities, page 134

24. We note your disclosure here and on page 2 regarding service of process and enforcement of civil liabilities. Please disclose these risks in a separate risk factor.

# Index to Consolidated Financial Statements, page F-1

25. We note audited financial statements of the registrant, SEALSQ Corp have been omitted. A foreign private issuer that has been in existence less than a year must include an audited balance sheet that is no more than nine months old. If the foreign private issuer has commenced operations, audited statements of comprehensive income, stockholders' equity and cash flows for the period from the date of inception to the date of the audited balance sheet also are required. Please provide audited financial statements of the registrant.

# Exhibits

26. Please file the following agreements or explain why you are not required to do so:
- Employee Share Option Plan;
- Debt Remission Agreement; and
- Separation Agreements.

Carlos Moreira
SEALSQ Corp
January 6, 2023
Page 6

General

27. Please tell us why WIS eKey International Holding AG is not named as a selling shareholder and a statutory underwriter under Section 2(a)(11) of the Securities Act. Refer to the Commission's guidance in Staff Legal Bulletin No. 4 (CF) dated September 16, 1997.

28. 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 or in light of the effectiveness of the UFLPA. 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; 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 or cotton, polysilicon, lithium, nickel, manganese, beryllium, copper, gold or other raw material sourced from Western China);
- 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
- be exposed to supply chain risk in light of Russia's invasion of Ukraine, the effectiveness of the UFLPA and/or related geopolitical tension or have sought to "de-globalize" your supply chain.

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

You may contact Eiko Yaoita Pyles at (202) 551-3587 or Jean Yu at (202) 551-3305 if you have questions regarding comments on the financial statements and related matters. Please contact Patrick Fullem at (202) 551-8337 or Evan Ewing at (202) 551-5920 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Manufacturing

cc: Herman H. Raspé