Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 328

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 328
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 ordinary shares are redeemed pursuant to the redemption provisions
described in the section of this prospectus entitled “Description of Securities — Ordinary Shares” or if we purchase
a U.S. Holder’s Class A ordinary shares in an open market transaction (such open market purchase of Class A ordinary shares by
us referred to as a “redemption” for the remainder of this discussion), the treatment of the transaction for United States
federal income tax purposes will depend on whether the redemption qualifies as a sale of the Class A ordinary shares under Section 302
of the Code. If the redemption qualifies as a sale of Class A ordinary shares, the U.S. Holder will be treated as described under “—
Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares, Warrants and Rights” above. If
the redemption does not qualify as a sale of Class A ordinary shares, the U.S. Holder will be treated as receiving a corporate distribution
with the tax consequences described above under “— Taxation of Distributions.” Whether a redemption qualifies for sale
treatment will depend largely on the total number of our shares treated as held by the U.S. Holder (including any shares constructively
owned by the U.S. Holder described in the following paragraph, including as a result of owning warrants) relative to all of our shares
outstanding both before and after such redemption. A redemption of Class A ordinary shares generally will be treated as a sale of the
Class A ordinary shares (rather than as a corporate distribution) if such redemption (i) is “substantially disproportionate”
with respect to the U.S. Holder, (ii) results in a “complete termination” of the U.S. Holder’s interest in us or (iii)
is “not essentially equivalent to a dividend” with respect to the U.S. Holder. These tests are explained more fully below.

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 generally would include
Class A ordinary shares which