Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 175

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 175
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 business.

Similarly, the unaudited condensed combined pro forma financial information in this proxy statement/prospectus is presented for illustrative
purposes only and has been prepared based on a number of assumptions including,

95

but not limited to, CSLM being treated as the “acquired” company for financial reporting purposes in the Business Combination, the total debt obligations and the cash and cash
equivalents of Fusemachines on the Closing Date and the number of CSLM Class A Ordinary Shares that are redeemed in connection with the Business Combination. Accordingly, such unaudited condensed combined pro forma financial information may not
be indicative of Pubco’s future operating or financial performance and Pubco’s actual financial condition and results of operations may vary materially from Pubco’s pro forma results of operations and balance sheet contained elsewhere
in this proxy statement/prospectus, including as a result of such assumptions not being accurate. See “Unaudited Pro Forma Condensed Combined Financial Information.”

Following the consummation of the Business Combination, our only significant asset will be our ownership interest in Fusemachines and such ownership may not be sufficient to pay dividends or make distributions or loans to enable us to pay any dividends on Pubco Common Stock or satisfy our other financial obligations.

Following the consummation of the Business Combination, we will have no direct operations and no significant assets other than our ownership of
Fusemachines. We will depend on Fusemachines for distributions, loans and other payments to generate the funds necessary to meet our financial obligations, including our expenses as a publicly traded company and to pay any dividends with
respect to Pubco Common Stock. The financial condition and operating requirements of Fusemachines may limit our ability to obtain cash from Fusemachines. The earnings from, or other available assets of, Fusemachines may not be sufficient to pay
dividends or make distributions or loans to enable us to pay any dividends on Pubco Common Stock or satisfy our other financial obligations.

This lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial
adverse impact upon the particular industry in which we may operate subsequent to our Business Combination.

The fairness opinion obtained by the CSLM Board does not and will not reflect changes, circumstances, developments or events that may have occurred or may occur after the date of the opinion.

Marshall & Stevens has provided a fairness opinion to the CSLM Board stating that, as of the date of such opinion, and based upon and