Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 202

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 202
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| ● | acceleration of our obligations to repay the indebtedness even                                                                           
 if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial 
 ratios or reserves without a waiver or renegotiation of that covenant;                                                                   |

| ● | our immediate payment of all principal and accrued interest, 
 if any, if the debt is payable on demand;                    |

| ● | our inability to obtain necessary additional financing if any                                                                            
 document governing such debt contains covenants restricting our ability to obtain such financing while the debt security is outstanding; |

| ● | our inability to pay dividends on our ordinary shares; |

| ● | using a substantial portion of our cash flow to pay principal                                                                                     
 and interest on our debt, which will reduce the funds available for dividends on our ordinary shares if declared, expenses, capital expenditures, 
 acquisitions and other general corporate purposes;                                                                                                |

| ● | limitations on our flexibility in planning for and reacting         
 to changes in our business and in the industry in which we operate; |

<div align='center'>116</div>

| ● | increased vulnerability to adverse changes in general economic,                       
 industry and competitive conditions and adverse changes in government regulation; and |

| ● | limitations on our ability to borrow additional amounts for                                                                                   
 expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages 
 compared to our competitors who have less debt.                                                                                               |

As indicated in the accompanying financial statements as of March 31, 2025, we had $25,000 in cash and working capital deficit of $114,688. Further, we expect to incur significant costs in the pursuit of our acquisition plans.
We cannot assure you that our plans to raise capital or to complete our initial business
combination will be successful. These factors, among others, raise substantial doubt
about our ability to continue as a going concern.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated any revenues to date. Our
only activities since inception have been organizational activities and those necessary
to prepare for this offering. Following this offering, we will not generate any operating
revenues until after completion of our initial business combination. We will generate
non-operating income in the form of interest income on cash and cash equivalents after
this offering. There has been no significant change in our financial or trading position
and no material adverse change has occurred since the date of our audited financial
statements. After this