Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 105

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 105
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 and Marshall & Stevens assumed, that Fusemachines’ projected financial information provided to Marshall & Stevens was reasonably prepared on bases reflecting the best currently available estimates and judgments of Fusemachines’ future financial results and condition. In evaluating fairness, Marshall & Stevens assumed a fair market value for CSLM shares based on the adjusted book value (ABV) of CSLM from the September 30, 2023 Form 10-Q. The ABV for CSLM shares was approximately $6.09 per share. This value was used, with the consent of CSLM’s board of directors, due to the fact that CSLM is a special purpose acquisition company with only limited trading history and no material operations or assets other than cash or cash equivalents and an as yet to be approved business combination agreement. Accordingly, Marshall & Stevens did not perform an independent analysis regarding the fair market value of the common stock to be issued pursuant to the BCA. 49

Marshall & Stevens expressed no opinion with respect to such
forecasts and projections or the assumptions on which they are based. Marshall & Stevens also relied upon and assumed, without independent verification, that there has been no material change in Fusemachines’ assets, liabilities,
financial condition, results of operations, business or prospects since the date of the most recent financial statements provided to Marshall & Stevens, and that there is no information or facts that would make the information reviewed by
Marshall & Stevens incomplete or misleading. Marshall & Stevens also assumed that Fusemachines is not party to any material pending transaction, including, without limitation, any external financing (other than in connection with
the merger), recapitalization, acquisition or merger, divestiture or spin-off (other than the merger or other publicly disclosed transactions).

Marshall & Stevens relied upon and assumed, without independent verification, that (a) the representations and
warranties of all parties to the agreements identified in the BCA and all other related documents and instruments that are referred to therein are true and correct, (b) each party to each such agreement, document or instrument will perform all
of the covenants and agreements required to be performed by such party, (c) all conditions to the completion of the merger will be satisfied without waiver thereof and (d) the merger will be completed in a timely manner in accordance with
the terms described in the agreements provided to Marshall & Stevens, without any amendments or modifications thereto or any adjustment to the aggregate consideration (through offset, reduction, indemnity claims, post-closing