Company: CSLMF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076682
Chunk: 26

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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,000. The Founder Shares included an
aggregate of up to 618,750 shares subject to forfeiture by the Sponsor to the extent that the underwriter’s overallotment was not
exercised in full or in part, so that the number of Founder Shares collectively represented approximately 20% of the Company’s issued
and outstanding shares after the Initial Public Offering. In August 2021, the Sponsor transferred 50,000 founder shares to each of the
Company’s independent director nominees. The Company will account for the transfer of founder shares under ASC 718-10-15-4 and record
a compensation expense upon completion of a Business Combination.

The Sponsor has agreed, subject to certain limited exceptions,
not to transfer, assign or sell any of the Founder Shares until the earlier of (A) one year after the completion of a Business
Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals
or exceeds $12.00 per share (as adjusted for share capitalization, share subdivisions, reorganizations, recapitalizations and the
like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the
date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results
in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other
property.

Administrative Services Agreement

The Company entered into a support services agreement, commencing
on the effective date of the initial public offering, pursuant to which the Company will pay the Sponsor a total of $10,000 per
month for office space, administrative and support services. The Sponsor has waived all payments under the support services
agreement. The Company has recorded the waived payments as capital contributions from the Sponsor and has recorded $30,000 and
$30,000 to the consolidated statements of operations for the three months ended June 30, 2025 and 2024, respectively, and $60,000
and $60,000 to the consolidated statements of operations for the six months ended June 30, 2025 and 2024, respectively.

Promissory Note — Related Party

In July 2021, the Sponsor issued an unsecured promissory note to the
Company (the “Promissory Note”), pursuant to which the Company may