Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 236

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 236
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We currently anticipate structuring a business combination involving 100% of the equity
interests or assets of the target business or businesses. We may, however, structure
our initial business combination where we merge directly with the target business
or involving less than 100% of such interests or assets of the target business in
order to meet certain objectives of the target management team or shareholders or
for other reasons, but we will only complete such business combination if the post-transaction
company owns or acquires 50% or more of the outstanding voting securities of the target
or otherwise acquires a controlling interest in the target sufficient for it not to
be required to register as an investment company under the Investment Company Act.
Even if the post-transaction company owns or acquires 50% or more of the voting securities
of the target, our shareholders prior to the business combination may collectively
own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could
pursue a transaction in which we issue a substantial number of new shares in exchange
for all of the outstanding capital stock of a target. In this case, we could acquire
a 100% controlling interest in the target; however, as a result of the issuance of
a substantial number of new shares, our shareholders immediately prior to our initial
business combination could own less than a majority of our outstanding shares subsequent
to our initial business combination. If less than 100% of the equity interests or
assets of a target business or businesses are owned or acquired by the post-transaction
company, the portion of such business or businesses that is owned or acquired is what
will be valued for purposes of the 80% fair market value test. In order to consummate
such an acquisition, we may issue a significant amount of our debt or equity securities
to the sellers of such businesses and/or seek to raise additional funds through a
private offering of debt or equity securities. Since we have no specific business
combination under consideration, we have not entered into any such fundraising arrangement
and have no current intention of doing so. The fair market value of the target will
be determined by our Board of Directors based upon one or more standards generally
accepted by the financial

Status as a Public Company

We believe our structure will make us an attractive business combination partner to
target businesses. As an existing