Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 322

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 322
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 this offering, which we refer to
collectively as our securities, by U.S. Holders (as defined below) and Non-U.S. Holders (as defined below). Because the components of a unit are generally separable
at the option of the holder, the holder of a unit generally should be treated, for
United States federal income tax purposes, as the owner of the underlying Class A ordinary share, one-half of one redeemable warrant, and one right to receive one twentieth of one Class A ordinary share components of the unit. As a result, the discussion below with respect to actual
holders of Class A ordinary shares rights, and warrants also should apply to holders of units (as the deemed owners of the underlying Class A ordinary shares, rights, and warrants that constitute the units).

This discussion does not address the United States federal income tax consequences to our founders, Sponsors, officers or directors, or to holders of private units. This discussion is limited to material United States federal income tax considerations to beneficial owners of our securities who
are initial purchasers of a unit pursuant to this offering and hold the unit and each
component of the unit as a capital asset within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). This discussion assumes that
the Class A ordinary shares, rights, and warrants will trade separately and that any distributions made (or deemed made)
by us on our Class A ordinary shares and any consideration received (or deemed received) by a holder
in consideration for the sale or other disposition of our securities will be in U.S. dollars.

This discussion is a summary only and does not describe all of the tax consequences
that may be relevant to the acquisition, ownership and disposition of a unit by a
prospective investor in light of its particular circumstances, including but not limited
to, the alternative minimum tax, the Medicare tax on net investment income and the
different consequences that may apply to investors that are subject to special rules
under U.S. federal income tax laws, including but not limited to:

| ● | banks, financial institutions or financial services entities; |

| ● | broker-dealers; |

| ● | taxpayers that are subject to the mark-to-market tax accounting rules; |

| ● | tax-exempt entities; |

| ● | governments or agencies or instrumentalities thereof; |

| ● | insurance companies; |

| ● | regulated investment companies; |

| ● | real estate investment trusts; |

|