Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 215

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 215
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 business combination.                                                                                |
| (4) | Actual share amount is prior to any forfeiture of founder shares and as adjusted amount assumes no                                        
 exercise of the underwriter’s over-allotment option and forfeiture of an aggregate of 1,000,000 founder shares. Our Sponsor               
 has committed, pursuant to a Securities Transfer Agreement that will close immediately prior to effectiveness of the registration         
 statement of which this prospectus forms a part, to transfer 20,000 founder shares (or 100,000 in the aggregate) to each of the Company’s 
 director nominees, Christopher Bradley, Brian Rudick, Mathew August, Danel Calvillo Armendariz and Dr. Jim Kyung Soo Liew, for the        
 sum of $0.003 per share.                                                                                                                  |

<div align='center'>125</div>

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Overview

We are a newly incorporated
blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any specific
business combination target, and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly,
with any business combination target with respect to a business combination with us. We intend to effectuate our initial business combination
using cash from the proceeds of this offering and the sale of the private units, our shares, debt or a combination of cash, shares and
debt. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the sale of the private
units, our common equity or any preferred equity that we may create in accordance with the terms of our charter documents, debt, or a
combination of cash, common or preferred equity and debt.

The issuance of additional ordinary
shares or the creation of one or more classes of preference shares during our initial business combination:

| ● | may significantly dilute the equity interest of investors in this offering who would not have pre-emption 
 rights in respect of any such issue;                                                                      |

| ● | may subordinate the rights of holders of ordinary shares if the rights, preferences, designations    
 and limitations attaching to the preference shares are senior to those afforded our ordinary shares; |

| ● | could cause a change in control if a substantial number of ordinary shares