Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 357

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 357
---
. Holder. These tests are explained more fully below.

<div align='center'>210</div>

In determining whether any
of the foregoing tests are satisfied, a U.S. Holder takes into account not only our shares actually owned by the U.S. Holder,
but also our shares that are constructively owned by such holder. A U.S. Holder may constructively own, in addition to shares owned
directly, shares owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an interest
in such U.S. Holder, as well as any shares the U.S. Holder has a right to acquire by exercise of an option, which would generally
include public shares which could be acquired pursuant to the exercise of public warrants. In order to meet the substantially disproportionate
test, the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately
following the redemption or purchase by us of public shares must, among other requirements, be less than 80 percent of the percentage
of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately before the redemption
or purchase by us. Prior to our initial business combination, the public shares may not be treated as voting shares for this purpose
and, consequently, this substantially disproportionate test may not be applicable. There will be a complete termination of a U.S. Holder’s
interest if either (i) all of our shares actually and constructively owned by the U.S. Holder are redeemed or (ii) all
of our shares actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively waives
in accordance with specific rules, the attribution of shares owned by certain family members and the U.S. Holder does not constructively
own any other of our shares and otherwise complies with specific conditions. Whether the redemption or purchase by us of the public shares
will not be essentially equivalent to a dividend if such redemption or purchase by us results in a “meaningful reduction”
of the U.S. Holder’s proportionate interest in us. Whether the redemption or purchase by us will result in a meaningful reduction
in a U.S. Holder’s proportionate interest in us generally will depend on the particular facts and circumstances applicable
to such holder. However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small
minority shareholder in a publicly held corporation who exercises no