Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 949

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 949
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 were the purchaser of the Acquired Business in exchange for the Purchase Price (as defined below). We have therefore performed our analysis described below as though the Purchase Price is being paid by CSLM for the Acquired Business. We have been engaged to perform (1) an analysis of the reasonable range of value for the Acquired Business immediately prior to the Transaction and, for purposes of NASDAQ Listing Rule 5101-2(b),whether such values represent at least 80% of the value of the cash assets held in CSLM’s trust account, excluding taxes payable on the interest earned on such account and assuming the company has no liabilities (including contingent liabilities that could result in claims against such assets) at the time of such advice (the “80% Threshold Test”) and (2) a fairness analysis and, if requested by the Board, to issue our written opinion (the “Opinion”) as to the fairness to CSLM and, through their holdings of common stock in CSLM, to its non-controllingpublic common shareholders, from a financial point of view, of the consideration to be received by CSLM in consideration of the issuance of CSLM’s common stock to the equity holders of the Acquired Business in the Transaction. We are advised, and have relied upon such advice with your approval, that the Transaction will be consummated as set forth in the BCA. We are further advised, and have relied upon such advice with your approval, that the Transaction consists of a business combination between the SPAC and the Acquired Business, pursuant to which (1) Merger Sub shall be merged with and into the Company, (2) the separate corporate existence of Merger Sub shall thereupon cease, and the Company shall be the surviving corporation, and (3) the surviving corporation shall become a wholly-owned subsidiary of CSLM, and CSLM shall change its name to “Fusemachines Inc.”. Our analysis only contemplates the Purchase Price, and none of such convertible notes or preferred shares, if any, or the impact thereof has been taken into consideration.

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H-1

Board of Directors of CSLM Acquisition