Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 217

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 217
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 had been
done and under the premise that there would be a push to expedite a transaction and that there would be no minimum cash requirements that could further slow the process.

On October 9, 2023, the Fusemachines team updated a presentation to CSLM’s management team regarding Fusemachines’ business and
revenue streams. This discussion included a valuation framework, due diligence questions and follow ups, current and future business plan, current and post transaction financing needs and structural and procedural items related to the merger
process. CSLM additionally updated internally generated public company comparables to help assist CSLM management in determining an updated enterprise value for Fusemachines.

On October 10, 2023, CSLM began drafting a new and revised letter of intent for the Business Combination. The valuation for the
Fusemachines equity was set at $200.0 million in the discussion draft letter of intent. This valuation was determined based upon review and discussion of the financial projections, discussion with industry experts, review of publicly traded
comparable companies and industry trends.

Over the course of October and November, 2023, CSLM and Fusemachines had ongoing discussions
about the contents of a letter of intent.

CSLM’s management discussed the revised draft of the letter of intent internally on
November 29, 2023. CSLM’s management decided to submit the non-binding letter of intent and informed the CSLM Board.

On
December 27, 2023, the CSLM Board held a meeting to review and discuss the terms of the letter of intent. The CSLM Board unanimously ratified it, reviewed the fairness opinion rendered by Marshall & Stevens, and reviewed and approved
the Merger Agreement, the Company Support Agreement, the Sponsor Support Agreement and the Founder Transaction Bonus Agreement.

The
parties and their respective counsels had a conference call to discuss final Business Combination Agreement and related ancillary documentation.

121

CSLM’s charter provides that it must complete an initial business combination by
January 18, 2025 unless stockholders approved an extension.

Timeline of Public Announcement & Preparation of the Definitive Documents

On December 27, 2023, CSLM held its board meetings approving the resolutions supporting the Business Combination. During the
CSLM Board meeting, representatives of Marshall & Stevens reviewed its financial analysis of the Business Combination with the CSLM Board and rendered to the CSLM Board an oral opinion (subsequently confirmed in writing) that, as of
such date and based upon and subject