Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 230

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 230
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 any other blank
check company with which they may become involved.

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Initial Business Combination

General

The Nasdaq listing rules require that our initial business combination must be with
one or more operating businesses or assets with a fair market value equal to at least
80% of the assets held in the trust account (excluding the deferred underwriting commissions
and taxes payable on the income earned on the trust account) at the time of the agreement
to enter into our initial business combination. We refer to this as the 80% of fair
market value test. If our board of directors is not able to independently determine
the fair market value of the target business or businesses, we will obtain an opinion
from an independent investment banking firm or another independent entity that commonly
renders valuation opinions with respect to the satisfaction of such criteria. Unless
we complete our initial business combination with an affiliated entity, we are not
required to obtain an opinion that the price we are paying is fair to our Company
from a financial point of view. We do not currently intend to purchase multiple businesses
in unrelated industries in conjunction with our initial business combination, although
there is no assurance that will be the case.

We anticipate structuring our initial business combination so that the post-transaction company in which our public shareholders own shares will own or acquire 100% of the
issued and outstanding equity interests or assets of the target business or businesses.
We may, however, structure our initial business combination such that the post-transaction company owns or acquires 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 issued and outstanding voting securities
of the target or otherwise acquires a controlling interest in the target business
sufficient for it not to be required to register as an investment company under the
Investment Company Act of 1940, as amended (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 our initial business combination may collectively own a minority interest
in the post-transaction company, depending on valuations ascribed to the target and us in our initial business
combination transaction. For example, we could pursue a transaction in which we issue