Company: KOYNU
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001829126-25-009093
Chunk: 9

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.

Liquidity, Capital Resources and Going Concern

As of September 30, 2025 and December 31, 2024, the Company had $3,526,414 and $0 in cash and working capital (deficit) of $3,482,424 and $(58,300), respectively.

The Company’s liquidity needs through September 30, 2025 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“founder shares”) (see Note 6), the Initial Public Offering and the issuance of the Private Placement Units. Additionally, the Company drew on an unsecured promissory note to pay certain offering costs.

The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern one year from the issuance date of the financial statements. Management plans to address this uncertainty through an initial Business Combination or through Working Capital Loans (defined in Note 6). There is no assurance that the Company’s plans to raise capital or to consummate an initial Business Combination will be successful within the Completion Window.

These factors, among others, raise substantial
doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

    7

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying
financial statements are presented in conformity with accounting principles generally accepted in the United States of America
(“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the
“SEC”). In the opinion of Management, the accompanying unaudited condensed financial statements include all adjustments,
consisting