Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 351

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 351
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 concessions shall be for
a period of 20 years from the 22 day of October 2024.”

Material United States Federal Income Tax Considerations

General

The following discussion summarizes
material United States federal income tax considerations generally applicable to the acquisition, ownership and disposition of our
public units (each consisting of one Class A ordinary share and half of one redeemable warrant) that are purchased in this offering,
which we refer to collectively as our securities, by U.S. Holders (as defined below) and Non-U.S. Holders (as defined below).

Because the components of a
public unit are generally separable at the option of the holder, the holder of a public unit generally should be treated, for United States
federal income tax purposes, as the owner of the underlying public share or public warrant components of the public unit. As a result,
the discussion below with respect to holders of public shares and public warrants should also apply to holders of public units (as the
deemed owners of the underlying public shares and public warrants that constitute the public units).

This discussion is limited to
material United States federal income tax considerations to beneficial owners of our securities who are initial purchasers of a
public unit pursuant to this offering and hold the public unit and each component of the public unit as a capital asset under the U.S. Internal
Revenue Code of 1986, as amended (the “Code”). This discussion assumes that the public shares and public warrants will trade
separately and that any distributions made (or deemed made) by us on our public shares and any consideration received (or deemed received)
by a holder in consideration for the sale or other disposition of our securities will be in U.S. dollars. This discussion is a summary
only and does not consider all aspects of United States federal income taxation that may be relevant to the acquisition, ownership
and disposition of a public unit by a prospective investor in light of its particular circumstances, including:

| ● | our                                                                                                                                     
 founders, the sponsor, officers or directors;                                                                                           |
| ● | financial                                                                                                                               
 institutions or financial services entities;                                                                                            |
| ● | broker-dealers;                                                                                                                         |
| ● | taxpayers                                                                                                                               
 that are subject to the mark-to-market tax accounting rules;                                                                            |
| ● | S                                                                                                                                       
 Corporations;                                                                                                                           |
| ● | tax-exempt                                                                                                                              
 entities;                                                                                                                               |
| ● | individual                                                                                                                              
 retirement accounts or other tax deferred accounts;                                                                                     |
| ● | governments