# EDGAR Filing Document

**Accession Number:** 0001937441
**File Stem:** 0000000000-23-000165
**Filing Date:** 2023-1
**Character Count:** 18696
**Document Hash:** 20e2c1d1a35e5405920357e1bcf0c92f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000165.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0000000000-23-000165

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230105

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ambipar Emergency Response
- **CENTRAL INDEX KEY:** 0001937441
- **STANDARD INDUSTRIAL CLASSIFICATION:** HAZARDOUS WASTE MANAGEMENT [4955]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA ANGELICA, N. 2346
- **STREET 2:** 5TH FLOOR, ROOM 4, CONSOLACAO
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01228-200
- **BUSINESS PHONE:** 55-11-3429-5022

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA ANGELICA, N. 2346
- **STREET 2:** 5TH FLOOR, ROOM 4, CONSOLACAO
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01228-200

## Text-Extract

```

United States securities and exchange commission logo

                             January 5, 2023

       Thiago da Costa Silva
       Director
       Ambipar Emergency Response
       Avenida Ang  lica, n   2346, 5th Floor
       S  o Paulo, SP     Brazil, 01228-200

                                                        Re: Ambipar Emergency
Response
                                                            Registration
Statement on Form F-4
                                                            Filed December 14,
2022
                                                            File No. 333-268795

       Dear Thiago da Costa Silva:

              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.
Unless we note
       otherwise, our references to prior comments are to comments in our
November 21, 2022 letter.

       Form F-4 filed December 14, 2022

       Emergencia's Preliminary Results for the Nine Months Ended September 30,
2022, page 79

   1.                                                   Please disclose why you
only provide preliminary results for net revenues, cost of services
                                                        rendered, gross profit
and operating profit, but not other published income statement line
                                                        items and other
financial information for the nine months ended September 30, 2022.
                                                        Refer to Form 20-F,
Item 8. A.5. In addition, we note from page 81 that these preliminary
                                                        results include the
estimates and assumptions. Please disclose those estimates and
                                                        assumptions used in
deriving the preliminary results of net revenues, cost of services
                                                        rendered, gross profit
and operating profit.
   2.                                                   We note your discussion
of net revenue. Please discuss the primary drivers for North
                                                        America and in Brazil
segments experiencing the largest growths in the period. In
 Thiago da Costa Silva
FirstName  LastNameThiago  da Costa Silva
Ambipar Emergency   Response
Comapany
January    NameAmbipar Emergency Response
        5, 2023
January
Page 2 5, 2023 Page 2
FirstName LastName
         addition, quantify the effect of acquisitions that occurred during
2022.
3.       We note your discussion of cost of services rendered. Please clarify
or revise how it is
         comparable when you compare cost of services rendered for the nine
months ended
         9/30/2022 to the three months September 30, 2021. In addition,
quantify the effect of the
         acquisitions that occurred during 2022.
4.       We note you attribute the decrease in gross profit as a percentage of
net revenues to the
         increased costs related to fuel and maintenance. Please revise to
quantify these increases
         of costs.
Certain Unaudited Projected Financial Information, page 216

5.       We note your response to prior comment 2 and we re-issue in part. You
discuss in your
         response letter that the redemption levels do not have a material
effect on the Projections
         that would require HPX's board obtaining updated projections, and that
management
         concluded that the performance described in the Projections can be
achieved in all
         material respects with minimum cash of $168 million and, therefore,
the Projections
         would not need to be updated. Please revise to disclose such
conclusions.
Non-Redemption Agreement, page 252

6.       We note your disclosure that Cygnus Fund Icon entered into an amended
and restated
         non-redemption agreement as well as a subscription agreement. Please
revise to describe
         why the parties amended the non-redemption agreement.
Trademark Licensing Agreement, page 255

7.       Please disclose all material terms of the Trademark Licensing
Agreement, and clarify the
         compensation to be paid by the registrant under the agreement. In that
regard, we note
         your disclosure that the registrant will pay a total amount of
R$60,000 per year to
         Ambipar for the right to use Ambipar   s trademark. However, section
3.1 of the agreement
         filed as Annex R provides for payment equivalent to thirty thousand
dollars per year.
Notes to Unaudited Pro Forma condensed Combined Financial Information
5. Preliminary Allocation of Purchase Price, page 299

8.       Please disclose the foreign exchange rate used for the preliminary
purchase price
         allocation and the date of the foreign exchange rate.
9.       We note you provide a statement that the pro forma statement of
financial position
         assumes that the WOB Acquisition occurred as of June 30, 2022. We also
note a
         statement on page 300 that the adjustments A, B, C and D are added to
give effect to
         WOB Acquisition as if it occurred on January 1, 2021. Considering most
of the
         adjustments A, B, C and D are for the pro forma statement of financial
position, please
         clarify or revise the inconsistent statements.
 Thiago da Costa Silva
FirstName  LastNameThiago  da Costa Silva
Ambipar Emergency   Response
Comapany
January    NameAmbipar Emergency Response
        5, 2023
January
Page 3 5, 2023 Page 3
FirstName LastName
10.      We note from adjustment D on page 300 that you adjust accounts
receivable to reflect the
         fair market value. Please further disclose the facts and circumstance
that require you to
         make the adjustments to the fair market value and disclose the method
used to derive the
         amount of the fair value of the accounts receivable acquired.
New PubCo Management Following the Business Combination, page 387

11.      Please revise to clarify which individuals currently serve as
directors of the registrant, and
         which individuals are director nominees.
Signatures, page II-7

12.      Please ensure that the registration statement is signed by all
individuals required by Form
         F-1. In that regard, it does not appear that the registration
statement has been signed by
         the registrant   s principal executive officer or officers, its
principal financial officer, its
         controller or principal accounting officer, and at least a majority of
the board of directors
         or persons performing similar functions.
Exhibits

13.      Please obtain and file a legality opinion that addresses whether the
warrants are binding
         obligations of the registrant under the law of the jurisdiction
governing the warrants.
14.      We note your response to prior comment 7 and re-issue such comment in
part. If the
         opinion is subject to uncertainty, please obtain a revised opinion
that explains why
         counsel cannot give a    will    opinion    and describes the degree
of uncertainty in the
         opinion. In that regard, we note that the uncertainty with respect to
the tax treatment that
         was added to the prospectus disclosure in response to prior comment 7
is not reflected in
         the opinion filed as Exhibit 8.1.
General

15.      We note the form of preliminary proxy card filed as Exhibit 99.1.
Please note that the
         form of proxy should be filed as an appendix to the proxy statement
rather than an exhibit
         to the registration statement. Please also revise your preliminary
proxy to identify clearly
         and impartially each separate matter intended to be acted upon,
whether or not related to
         or conditioned on the approval of other matters. In this regard, we
note that Proposals
         2A and 2B, and Proposals 3A-3C appear to be separate matters to be
voted upon. Refer
         to Exchange Act Rule 14a-4 and Note to paragraph (a)(3) thereof.

        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.
 Thiago da Costa Silva
Ambipar Emergency Response
January 5, 2023
Page 4

       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 Steve Lo at (202) 551-3394 or Raj Rajan at (202)
551-3388 if you have
questions regarding comments on the financial statements and related matters.
Please contact
Kevin Dougherty at (202) 551-3271 or Laura Nicholson, Special Counsel, at (202)
551-3584
with any other questions.

                                                           Sincerely,
FirstName LastNameThiago da Costa Silva
                                                           Division of
Corporation Finance
Comapany NameAmbipar Emergency Response
                                                           Office of Energy &
Transportation
January 5, 2023 Page 4
cc:       Grenfel S. Calheiros
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

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

January 5, 2023

Thiago da Costa Silva
Director
Ambipar Emergency Response
Avenida Angélica, no 2346, 5th Floor
São Paulo, SP - Brazil, 01228-200

**Re: Ambipar Emergency Response**
**Registration Statement on Form F-4**
**Filed December 14, 2022**
**File No. 333-268795**

Dear Thiago da Costa Silva:

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. Unless we note otherwise, our references to prior comments are to comments in our November 21, 2022 letter.

Form F-4 filed December 14, 2022

Emergencia's Preliminary Results for the Nine Months Ended September 30, 2022, page 79

1. Please disclose why you only provide preliminary results for net revenues, cost of services rendered, gross profit and operating profit, but not other published income statement line items and other financial information for the nine months ended September 30, 2022. Refer to Form 20-F, Item 8.A.5. In addition, we note from page 81 that these preliminary results include the estimates and assumptions. Please disclose those estimates and assumptions used in deriving the preliminary results of net revenues, cost of services rendered, gross profit and operating profit.
2. We note your discussion of net revenue. Please discuss the primary drivers for North America and in Brazil segments experiencing the largest growths in the period. In

Thiago da Costa Silva
Ambipar Emergency Response
January 5, 2023
Page 2

addition, quantify the effect of acquisitions that occurred during 2022.

3. We note your discussion of cost of services rendered. Please clarify or revise how it is comparable when you compare cost of services rendered for the nine months ended 9/30/2022 to the three months September 30, 2021. In addition, quantify the effect of the acquisitions that occurred during 2022.

4. We note you attribute the decrease in gross profit as a percentage of net revenues to the increased costs related to fuel and maintenance. Please revise to quantify these increases of costs.

Certain Unaudited Projected Financial Information, page 216

5. We note your response to prior comment 2 and we re-issue in part. You discuss in your response letter that the redemption levels do not have a material effect on the Projections that would require HPX's board obtaining updated projections, and that management concluded that the performance described in the Projections can be achieved in all material respects with minimum cash of $168 million and, therefore, the Projections would not need to be updated. Please revise to disclose such conclusions.

Non-Redemption Agreement, page 252

6. We note your disclosure that Cygnus Fund Icon entered into an amended and restated non-redemption agreement as well as a subscription agreement. Please revise to describe why the parties amended the non-redemption agreement.

Trademark Licensing Agreement, page 255

7. Please disclose all material terms of the Trademark Licensing Agreement, and clarify the compensation to be paid by the registrant under the agreement. In that regard, we note your disclosure that the registrant will pay a total amount of R$60,000 per year to Ambipar for the right to use Ambipar's trademark. However, section 3.1 of the agreement filed as Annex R provides for payment equivalent to thirty thousand dollars per year.

Notes to Unaudited Pro Forma condensed Combined Financial Information

5. Preliminary Allocation of Purchase Price, page 299

8. Please disclose the foreign exchange rate used for the preliminary purchase price allocation and the date of the foreign exchange rate.

9. We note you provide a statement that the pro forma statement of financial position assumes that the WOB Acquisition occurred as of June 30, 2022. We also note a statement on page 300 that the adjustments A, B, C and D are added to give effect to WOB Acquisition as if it occurred on January 1, 2021. Considering most of the adjustments A, B, C and D are for the pro forma statement of financial position, please clarify or revise the inconsistent statements.

Thiago da Costa Silva
Ambipar Emergency Response
January 5, 2023
Page 3

10. We note from adjustment D on page 300 that you adjust accounts receivable to reflect the fair market value. Please further disclose the facts and circumstance that require you to make the adjustments to the fair market value and disclose the method used to derive the amount of the fair value of the accounts receivable acquired.

New PubCo Management Following the Business Combination, page 387

11. Please revise to clarify which individuals currently serve as directors of the registrant, and which individuals are director nominees.

Signatures, page II-7

12. Please ensure that the registration statement is signed by all individuals required by Form F-1. In that regard, it does not appear that the registration statement has been signed by the registrant's principal executive officer or officers, its principal financial officer, its controller or principal accounting officer, and at least a majority of the board of directors or persons performing similar functions.

Exhibits

13. Please obtain and file a legality opinion that addresses whether the warrants are binding obligations of the registrant under the law of the jurisdiction governing the warrants.
14. We note your response to prior comment 7 and re-issue such comment in part. If the opinion is subject to uncertainty, please obtain a revised opinion that explains why counsel cannot give a "will" opinion" and describes the degree of uncertainty in the opinion. In that regard, we note that the uncertainty with respect to the tax treatment that was added to the prospectus disclosure in response to prior comment 7 is not reflected in the opinion filed as Exhibit 8.1.

General

15. We note the form of preliminary proxy card filed as Exhibit 99.1. Please note that the form of proxy should be filed as an appendix to the proxy statement rather than an exhibit to the registration statement. Please also revise your preliminary proxy to identify clearly and impartially each separate matter intended to be acted upon, whether or not related to or conditioned on the approval of other matters. In this regard, we note that Proposals 2A and 2B, and Proposals 3A-3C appear to be separate matters to be voted upon. Refer to Exchange Act Rule 14a-4 and Note to paragraph (a)(3) thereof.

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.

Thiago da Costa Silva
Ambipar Emergency Response
January 5, 2023
Page 4

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 Steve Lo at (202) 551-3394 or Raj Rajan at (202) 551-3388 if you have questions regarding comments on the financial statements and related matters. Please contact Kevin Dougherty at (202) 551-3271 or Laura Nicholson, Special Counsel, at (202) 551-3584 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Energy & Transportation

cc: Grenfel S. Calheiros