Company: CSLMF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076682
Chunk: 22

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 redemption for an aggregate value of $149,486,187 and distributed from the Trust Account on July
26, 2023. In connection with the shareholders’ vote at the Annual Meeting of the shareholders held by the Company on August
18, 2024, 3,399,500 Class A ordinary shares were tendered for redemption at an aggregate value of $38,596,223 and distributed from
the Trust Account on August 21, 2024. Accordingly, at June 30, 2025 and December 31, 2024, 1,372,687 shares of Class A ordinary
shares subject to possible redemption is presented, at redemption value equal to the amount held in the Trust Account, as temporary
equity, outside of the shareholders’ deficit section of the Company’s balance sheet.

The proceeds of the offering were allocated to the Class A ordinary
shares and the Public Warrants and Rights based on their relative fair values. The Company recognizes changes in redemption value of Class
A ordinary shares subject to possible redemption immediately as they occur and adjusts the carrying value of redeemable ordinary shares
to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the
absence of additional capital, in accumulated deficit. The Company has recorded remeasurements of $260,544 and $899,680 for the three
months ended June 30, 2025 and 2024, respectively, and $519,102 and $1,789,022 for the six months ended June 30, 2025 and 2024, respectively.

11

Income taxes

The Company accounts for income taxes in accordance with the provisions
of ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability, method as required by this accounting
standard, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between
the carrying amounts of assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities
are measured using enacted income tax rates expected to apply to the period when assets are realized or liability is settled. Any effect
on deferred tax assets and liabilities of a change in tax rates is recognized in the operation of statement in the period that includes
the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than
not that some portion or all of the deferred tax assets will not