Company: KOYNU
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001829126-25-006117
Chunk: 417

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-08-12
Form: S-1/A
Chunk 417
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center'>F-19</div>

<div align='center'>Report of Independent
Registered Public Accounting Firm</div>

To the Board of Directors and Shareholder of
CSLM Digital Asset Acquisition Corp III, Ltd

Opinion on the Financial Statements

We have audited the accompanying balance sheets of CSLM Digital Asset Acquisition Corp III, Ltd (the “Company”) as of December 31, 2024 and March 31, 2025, the related statements of operations, changes in shareholder’s deficit, and cash flows for the period from July 26, 2024 (inception) through December 31, 2024 and the period January 1, 2025 through March 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and March 31, 2025, and the results of its operations and its cash flows for period from July 26, 2024 (inception) through December 31, 2024 and the period from January 1, 2025 through March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company
has a working capital deficiency, expects to incur significant costs in pursuit of its acquisition plans, and has stated that substantial
doubt exists about the Company’s ability to continue as a going concern. Management’s plans regarding these matters are also
described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the “PCAOB”)
and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with
the standards of the PCAOB and in accordance with