Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 216

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 216
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 Board to review and approve the binding exclusivity terms without further changes. On February 17, 2023, the CSLM Board held a meeting to review and discuss the terms of the letter of intent and other strategic transactions. The CSLM Board unanimously authorized CSLM’s management to continue discussions with Fusemachines regarding the proposed business combination, to conduct more intensive due diligence on Fusemachines and ratified the non-binding letter of intent, including the binding exclusivity terms. On February 19, 2023, CSLM provided the letter of intent to Fusemachines and on February 20, 2023, Fusemachines countersigned it and returned it, along with an updated non-disclosure agreement, to CSLM. Between March 2, 2023 and March 16, 2023, and at the direction of the CSLM Board, CSLM engaged two independent experts in technology and artificial intelligence as consultants for the transaction, one expert in background verification and one expert on foreign legal due diligence. 120

Between April 17, 2023 and May 2, 2023, CSLM management and the independent
experts held detailed due diligence and structural discussions about Fusemachines.

During May 2023, CSLM management and Fusemachines
management held discussions regarding timing and delays surrounding the audited 2022 Fusemachines financial statements.

On July 21,
2023, CSLM and Fusemachines mutually agreed to terminate the letter of intent. Fusemachines wanted to prioritize building a marketing team prior to closing the business combination thereby pushing the timeline for closing past the end of 2023, which
was beyond CSLM’s targeted closing date. It was shortly thereafter that CSLM pivoted to pursue Target C.

On July 27, 2023, CSLM
began discussions with a target company in the public relations and communication business based in Singapore which will be referred to as Company C. CSLM was introduced to Company C through Concord Ventures.

CSLM conducted in-depth management, advisor and industry meetings along with financial and industry due diligence on Company C.

CSLM and its advisors began to conduct extensive due diligence on Company C. discussions ultimately failed due to the complexities of Company
C’s capital structure that could not be resolved.

On August 22, 2023, discussions with Target C were terminated.

On September 28, 2023, CSLM reengaged with Fusemachines with the goal of expediting a transaction given so much due diligence