Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 347

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 347
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 purchases to cover positions created by short sales; |

| ● | imposition of penalty bids; and |

| ● | syndicate covering transactions. |

Stabilizing transactions consist of bids or purchases made for the purpose of preventing
or retarding a decline in the market price of our units while this offering is in
progress. Stabilization transactions permit bids to purchase the underlying security
so long as the stabilizing bids do not exceed a specified maximum. These transactions
may also include making short sales of our units, which involve the sale by the underwriter
of a greater number of units than it is required to purchase in this offering and
purchasing units on the open market to cover short positions created by short sales.
Short sales may be “covered short sales,” which are short positions in an amount not
greater than the underwriter’s option to purchase additional units referred to above, or may be “naked short sales,”
which are short positions in excess of that amount.

The underwriter may close out any covered short position by either exercising its
over-allotment option, in whole or in part, or by purchasing units in the open market.
In making this determination, the underwriter will consider, among other things, the
price of units available for purchase in the open market as compared to the price
at which they may purchase units through the over-allotment option.

Naked short sales are short sales made in excess of the over-allotment option. The
underwriter must close out any naked short position by purchasing units in the open
market. A naked short position is more likely to be created if the underwriter is
concerned that there may be downward pressure on the price of the units in the open
market that could adversely affect investors who purchased in this offering.

These stabilizing transactions, short sales, purchases to cover positions created
by short sales, the imposition of penalty bids and syndicate covering transactions
may have the effect of raising or maintaining the market price of our units or preventing
or retarding a decline in the market price of our units. As a result of these activities,
the price of our units may be higher than the price that otherwise might exist in
the open market. The underwriter may carry out these transactions on Nasdaq, in the
over-the-counter market or otherwise. Neither we nor the underwriter make any representation
or prediction as to the effect that the transactions described above may have on the
price of the units. Neither we, nor