Correspondence 0001104659-24-054199 from Waystar Holding Corp. (WAY)
Waystar Holding Corp.
Date: April 29, 2024 · CIK: 0001990354 · Accession: 0001104659-24-054199
AI Filing Summary & Sentiment
File numbers found in text: 333-275004
Referenced dates: April 15, 2024
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CORRESP
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filename1.htm
Simpson
Thacher & Bartlett llp
2475
hanover street
palo
alto, ca 94304
telephone:
+1-650-251-5000
facsimile:
+1-650-251-5002
Direct
Dial Number
(650) 251-5110
(212) 455-7862
E-mail
Address
wbrentani@stblaw.com
hui.lin@stblaw.com
April 29,
2024
Robert Littlepage
Inessa Kessman
Matthew Derby
Edwin Kim
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: Waystar Holding Corp. - Registration Statement on Form S-1
(CIK No. 0001990354)
Ladies and Gentlemen:
On behalf of Waystar
Holding Corp. (the “Company”), and in connection with the Registration Statement on Form S-1 (File No. 333-275004),
initially filed with the Securities and Exchange Commission (the “Commission”) on October 16, 2023 and as amended
by Amendment No. 1 (“Amendment No. 1”) to the Registration Statement filed on October 26, 2023, Amendment
No. 2 (“Amendment No. 2”) to the Registration Statement filed on November 15, 2023, Amendment No. 3
(“Amendment No. 3”) to the Registration Statement filed on November 29, 2023, and Amendment No. 4 (“Amendment
No. 4”) to the Registration Statement filed on March 22, 2024 (as amended by Amendment No. 1, Amendment No. 2,
Amendment No. 3, and Amendment No. 4, the “Registration Statement”), we hereby submit Amendment No. 5
(“Amendment No. 5”) to the Registration Statement. The Company has revised the Registration Statement in response
to the Staff’s comments in its letter, dated April 15, 2024 (the “comment letter”), and to otherwise update
its disclosure. Upon request, we can provide the Staff with a marked version of Amendment No. 5 showing changes from Amendment No. 4.
In addition, we are
providing the following responses to the comment letter. To assist your review, we have retyped the text of the Staff’s comments
in italics below. Page references in the text of this letter correspond to the pages of Amendment No. 5. Unless otherwise
defined below, terms defined and used below shall have the meanings given to them in Amendment No. 5.
- 2 -
Summary
Overview, page 1
1. You illustrate the growth in
the number of clients from whom you generate over $100,000 of revenue by disclosing the number
of such clients in the twelve months ended March 31, 2021 compared to the year ended
December 31, 2023. To provide further context, please explain the relevance of the twelve
months ended March 31, 2021, and disclose the number of such clients for the years ended
December 31, 2021 and 2022.
The Company has revised its disclosure on pages 1, 61, 70, 78 and 88 in response to the
Staff’s comment.
Principal stockholders, page 125
2. Please clarify why you have
presented the columns comprising "Shares of our common stock to be sold in the offering."
If there will be selling shareholders, please revise your cover page and elsewhere to
disclose that there will be a selling shareholder component of the offering. If there will
not be selling shareholders, then remove these columns. You may disclose in the introductory
paragraphs or a footnote to the table how the number of outstanding shares will change based
upon the shares being offered and if the underwriters' over-allotment option is exercised.
The
Company has revised its disclosure on page 128 in response to the Staff’s comment.
* * * * * * *
Please do not hesitate to
contact William B. Brentani at (650) 251-5110 or Hui Lin at (212) 455-7862 with any questions you may have regarding our responses to
the comment letter.
Very truly yours,
/s/ William B. Brentani
William B. Brentani
/s/ Hui Lin
Hui Lin
cc: Matthew J. Hawkins, Chief Executive Officer
Matthew R. A. Heiman, Chief Legal & Administrative
Officer
Waystar Holding Corp.
Jason M. Licht
Christopher J. Clark
Latham & Watkins LLP