Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 173

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 173
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 not intend to utilize
these exemptions and intend to comply with the corporate governance requirements of Nasdaq, subject to applicable phase-in rules. However,
if we determine in the future to utilize some or all of these exemptions, you will not have the same protections afforded to shareholders
of companies that are subject to all of Nasdaq’s corporate governance requirements.

<div align='center'>99</div>

Because our Sponsor (and upon the closing of the Securities Transfer Agreement, each of the Company’s director nominees Christopher Bradley, Brian Rudick, Mathew August, Danel Calvillo Armendariz and Dr. Jim Kyung Soo Liew) paid an aggregate of $25,000, or $0.003 per founder share (assuming the full exercise of the over-allotment option), you will experience immediate and substantial dilution from the purchase of our public shares.

The difference between the
public offering price per share (allocating the entire unit purchase price to the public shares and none to the warrants included in
the public units) and the pro forma net tangible book value per public share after this offering constitutes the dilution to you and
the other investors in this offering. Our Sponsor acquired the founder shares at a price of $0.003 per share, contributing to this dilution.
In addition, our Sponsor and the underwriter in this offering, have committed, pursuant to a written agreement, to purchase an aggregate
of 775,000 private units in a private placement (or 891,250 private units if the underwriter’s over-allotment option is exercised
in full) at the price of $10.00 per private unit. Upon closing of this offering, you and the other public shareholders will incur an
immediate and substantial dilution of approximately 107.09% (or $10.71 per share, assuming no exercise of the underwriter’s over-allotment
option), the difference between the pro forma net tangible book value per share after this offering of $(0.71) (assuming the maximum
redemption) and the initial offering price of $10.00 per unit. This dilution would increase to the extent that the anti-dilution provisions
of the founder shares result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the founder
shares at the time of our initial business combination. In addition, because of the anti-dilution protection in the founder shares, any
equity or equity-linked securities issued in connection with