Company: CSLMF
Filing Date: 2025-09-19
Form Type: PRE 14A
Source: 0001213900-25-089554
Chunk: 39

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-09-19
Form: PRE 14A
Chunk 39
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 based on
the Trust Account balance as of _____________, 2025, CSLM’s public shareholders may only receive approximately $________ per Ordinary
Share, and the warrants and rights will expire worthless. This will also cause shareholders to lose the investment opportunity in a target
company and the chance of realizing future gains on their investment through any price appreciation in the combined company.

<div align='center'>20</div>

Risks Related to Being Deemed an Investment Company

If we were deemed to be an
investment company for purposes of the Investment Company Act of 1940, as amended (the “Investment Company Act”), we may
be forced to abandon our efforts to complete the Proposed Business Combination and instead be required to liquidate the Company.

There is currently uncertainty
concerning the applicability of the Investment Company Act to a special purpose acquisition company (“SPAC”) and we may in
the future be subject to a claim that we have been operating as an unregistered investment company. If we are deemed to be an investment
company for purposes of the Investment Company Act, we might be forced to abandon our efforts to complete the Proposed Business Combination
and instead be required to liquidate. If we are required to liquidate, our investors would not be able to realize the benefits of owning
stock in a successor operating business, including the potential appreciation in the value of our stock and warrants following such a
transaction, and our warrants would expire worthless.

The longer that the funds
in the trust account are held in short-term U.S. government securities or in money market funds invested exclusively in such securities,
the greater the risk that we may be considered an unregistered investment company, in which case we may be required to liquidate.

Full Text of the Resolution.

Please see Annex A.

<div align='center'>THE BOARD RECOMMENDS A VOTE “FOR” THE EXTENSION PROPOSAL.

21

PROPOSAL 2-

THE TRUST AMENDMENT</div>

The Trust Amendment

The proposed Trust Amendment
would amend our existing Investment Management Trust Agreement (as amended, the “Trust Agreement”), dated as of January
12, 2022, as amended, by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”),
allowing the Company to extend the Combination Period on a semi-monthly basis until December 18, 2025 by depositing into the trust account
(the “Trust Account”) the lesser of $0.02 per non-rede