Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 6

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 6
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(a)(2) of the Securities Act. The number of founder shares outstanding
was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriter’s
over-allotment option is exercised in full and therefore that such founder shares would represent 25% of the outstanding shares after
this offering (excluding any shares underlying the private units). If we increase or decrease the size of the offering, we will effect
a share capitalization or a share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B
ordinary shares immediately prior to the consummation of the offering in such amount as to maintain the ownership of founder shares by
our initial shareholders, on an as-converted basis, at 25% of our issued and outstanding ordinary shares upon the consummation of this
offering (not including the Class A ordinary shares comprising part of the private units and the Class A ordinary shares underlying the
private warrants). Such issuance will significantly dilute the equity interest of our other shareholders. Up to 1,000,000 founder shares
will be surrendered to us for no consideration after the closing of this offering depending on the extent to which the underwriter’s
over-allotment option is exercised. Although the percentage of the founder shares will remain constant, public shareholders will be subject
to further dilution based upon the extent to which the underwriter’s over-allotment is exercised. Further, the Class A ordinary
shares issuable in connection with the conversion of the founder shares (including those issued in connection with an increase in the
size of the offering) may ultimately result in material dilution to our public shareholders due to the anti-dilution rights of our founder
shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. See the section titled “Dilution” on page 124 for more information.

As a result, as of the
date of this prospectus, we have 7,666,667 Class B ordinary shares, or “founder shares,” outstanding acquired by our Sponsor
(our Sponsor has committed, pursuant to a Securities Transfer Agreement that will close immediately prior to effectiveness of the registration
statement of which this prospectus forms a part, to transfer 20,000 founder shares (or 100,000 in the aggregate) to each of the Company’s
director nominees, Christopher Bradley, Brian Rudick, Mathew