Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 206

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 206
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 capital deficit of $114,688. We have incurred and expect to continue to incur significant costs in pursuit of our
acquisition plans. Our plans to raise capital and to consummate our initial business
combination may not be successful. These factors among others raise substantial doubt
about our ability to continue as a going concern.

Controls and Procedures

We are not currently required to maintain an effective system of internal controls
as defined by Section 404 of the Sarbanes-Oxley Act. We will be required to comply with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December 31, 2026. Only in the event that we are deemed to be a large accelerated filer or an accelerated
filer and no longer an emerging growth company would we be required to comply with
the independent registered public accounting firm attestation requirement. Further,
for as long as we remain an emerging growth company as defined in the JOBS Act, we intend to take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth
companies including, but not limited to, not being required to comply with the independent
registered public accounting firm attestation requirement.

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Prior to the closing of this offering, we will not have completed an assessment, nor
will our independent registered public accounting firm have tested our systems, of
internal controls. However, we have determined that we currently lack properly designed,
implemented and effectively operating controls which would constitute a material weakness
in our internal control over financial reporting. Management, with oversight from
the board of directors and the audit committee of the board of directors will implement
a remediation plan for this material weakness, including, among other things, designing
and maintaining a formal control environment, accounting policies, procedures and
controls to achieve complete, accurate and timely financial accounting, reporting
and disclosures. We cannot be certain as to the timing of completion of our evaluation,
testing, and remediation actions or their effect on our operations.

We expect to assess the internal controls of our target business or businesses prior
to the completion of our initial business combination and, if necessary, to implement
and test additional controls as we may determine are necessary in order to state that
we maintain an effective system of internal controls. A target business may not be
in compliance with the provisions of the Sarbanes-Oxley Act regarding the adequacy
of internal controls. Many small and mid-sized target businesses