Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 111

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 111
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 would be guilty of an offence and may be liable to a fine of $18,293 and to imprisonment for five
years in the Cayman Islands.

We may not seek an opinion from an unaffiliated third party as to the fair market value of the target business we acquire.

We are not required to obtain
an opinion from an unaffiliated third party that the target business we select has a fair market value in excess of at least 80% of the
balance of the trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on
the trust account) unless our board of directors cannot make such determination on its own. We are also not required to obtain an opinion
from an unaffiliated third party indicating that the price we are paying is fair to our shareholders from a financial point of view unless
the target is affiliated with our officers, directors, initial shareholders or their affiliates. If no opinion is obtained, our shareholders
will be relying on the judgment of our board of directors, whose collective experience in business evaluations for blank check companies
like ours is not significant. Furthermore, our directors may have a conflict of interest in analyzing the transaction due to their personal
and financial interests.

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If our initial business combination involves a company organized under the laws of the United States (or any subdivision thereof), it is possible a U.S. federal excise tax could be imposed on us in connection with any redemptions of our public shares after or in connection with such initial business combination.

The Inflation Reduction Act
of 2022, which, among other things, imposes a 1% U.S. federal excise tax on certain repurchases (including redemptions) of shares by
publicly traded U.S. corporations after December 31, 2022 (the “Excise Tax”), subject to certain exceptions. If applicable,
the amount of the Excise Tax is generally 1% of the aggregate fair market value of any shares repurchased by the corporation during a
taxable year, net of the aggregate fair market value of certain new share issuances by the repurchasing corporation during the same taxable
year.

As a Cayman Islands company,
the Excise Tax is currently not expected to apply to redemptions of our public shares (absent any regulations or other additional guidance
that may be issued in the future).

However, in connection with
an initial business combination involving a company organized under the laws of a state