Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 461

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 461
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 pursuant to this redemption feature, since they will not be exercisable for any shares of Pubco Common Stock. This redemption feature is structured to allow for all of the outstanding Pubco Warrants to be redeemed when the Pubco Common Stock is trading at or above $10.00 per share, which may be at a time when the trading price of the Pubco Common Stock is below the exercise price of the Pubco Warrants. We have established this redemption feature to provide us with the flexibility to redeem the Pubco Warrants without the Pubco Warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of Pubco Warrants when the price per share of Pubco Common Stock equals or exceeds $18.00.” Holders choosing to exercise their Pubco Warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of the prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed and we will be required to pay the applicable redemption price to warrant 297

holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the Pubco Warrants if we determine it is in our best interest to do so. As
such, we would redeem the Pubco Warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the applicable redemption price to the warrant holders.

As stated above, we can redeem the Pubco Warrants when the Pubco Common Stock is trading at a price starting at $10.00, which is below the
exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their Pubco Warrants on a cashless basis for the applicable number
of shares. If we choose to redeem the Pubco Warrants when the Pubco Common Stock is trading at a price below the exercise price of the Pubco Warrants, this could result in the warrant holders receiving fewer shares than they would have received if
they had chosen to wait to exercise their warrants for shares of Pubco Common Stock if and when the Pubco Common Stock was trading at a price higher than the