Company: KOYNU
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001829126-25-009093
Chunk: 81

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 ordinary shares issued upon conversion thereof until the earlier of (i) six months after the completion of a Business Combination and (ii) subsequent to a Business Combination, the date on which the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial shareholders with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from the Lock-up.

Promissory Note — Related Party

The
Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public
Offering (the “Promissory Note”). The Promissory Note was non-interest bearing, unsecured and due at the earlier of (i)
the closing of the Initial Public Offering or (ii) the date which the Company determines not to proceed with the Initial Public
Offering. The Promissory Note was repaid in full on August 28, 2025 from the proceeds of the Initial Public Offering and
private placement. Prior to repayment, the Company had borrowed $270,394, under the Promissory Note. The Company paid $272,716 to
the Sponsor, resulting in an overpayment of $2,322 that is recorded as a related party receivable. As such, as of September 30, 2025
and December 31, 2024, the Company had $0 and $11,394 outstanding under the Promissory Note, respectively. The Promissory note is no
longer available for drawdown subsequent to the close of the Initial Public Offering.

Administrative Services Agreement

Commencing
on the effective date of the Registration Statement of which this prospectus forms a part, the Company entered into an agreement
with our Sponsor to pay an aggregate of $30,000 per month for company administration, office space, utilities, and secretarial and
administrative support. Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the
$30,000 per month fee. The Company has recorded $34,839 for the