Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 215

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 215
---
 as compelling when taking into consideration their business prospects, strategy, management teams, structure, likelihood of execution and valuation considerations. Timeline of the Preliminary Negotiations For the remainder of December 2022 and through early January 2023, CSLM discussed potential Fusemachines deal structures and valuation terms with CEMAC. On January 26, 2023, CSLM was provided documents from Fusemachines’ virtual data room (the “Data Room”) and a discussion began about 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. On February 1, 2023, Fusemachines made an in-depth presentation to CSLM’s management team about Fusemachines’ business plans, revenue streams, and strategic initiatives. On February 2-3, 2023, CSLM and Fusemachines held two days of meetings at BTIG’s offices to discuss various aspects of a potential business combination, including, among other things, valuation, process considerations applicable to transactions with special purpose acquisition companies (for example, with respect to required approvals, typical due diligence process and investor outreach), public company readiness and related topics, Fusemachines’ capital structure, financing options, and the de-SPAC transaction structure. On February 4, 2023, CSLM began drafting a letter of intent for the Business Combination after discussion with its advisors to encapsulate the discussions held. The prepared definitive letter of intent incorporating the amount of a PIPE that CSLM affiliates or assigns could commit to, the amount of founder shares to be forfeited, and allowable amount of capital to be used to fund share repurchases with the Fusemachines CEO, and other terms and conditions to the discussion draft, provided for (1) an equity valuation of $134.7 million; (2) exclusivity period through April 18, 2023 or the date Fusemachines 2022 audited financial statement are completed, whichever is later; (3) a five-member board comprised of one Fusemachines director, one CSLM director, and three independent directors; and (4) a mutual condition that CSLM have at least $30 million in cash on hand in the aggregate at closing, and that the parties contemplate arranging a PIPE at the time of the business combination. CSLM’s management discussed the revised draft of the letter of intent internally, and CSLM’s management decided to submit the non-binding letter of intent and ask the CSLM