Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 212

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 212
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| • |     | Attractive valuation. We believe that valuations of some companies in frontier growth markets are                                                         
 discounted relative to U.S. peers. We look to seek an acquisition of a company that has potential to grow valuation levels in line with its global peers. |

| • |     | Focus on ESG and social empowerment. We will look for companies focused on making a positive impact 
 across a variety of ESG themes within frontier growth markets, as well as on a larger scale.        |

Prior to the consummation of the IPO, neither CSLM, nor anyone on its behalf, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to a transaction with CSLM. Upon the consummation of the IPO, CSLM’s management team commenced an active search for prospective businesses to acquire in its initial business combination. Through the networks of relationships of its management team, the Sponsor and their affiliates, representatives of CSLM contacted, and representatives of CSLM were contacted by, a number of individuals, financial advisors and other entities who offered to present ideas for business combination opportunities, including several investment banks and advisors. During this search process, CSLM developed a funnel that included 177 potential business combination opportunities in tech and fintech across the Eastern European, MENA and Asian regions. Of the companies in the funnel, CSLM evaluated 13 potential target business and executed several non-disclosure agreements. The potential valuations discussed for these potential targets ranged from $150 million to over $1 billion. The decisions not to pursue the alternative acquisition targets were generally the result of one or more of: (i) a difference in valuation expectations between CSLM, on the one hand, and the target, on the other hand; (ii) CSLM’s assessment of the target company’s ability to execute, scale its business, and achieve its targeted financial projections; (iii) the long-term viability of the target business or its industry or the target’s ability to compete long-term; (iv) the amount of capital that would need to be raised in connection with the closing of a business combination to support the target’s business over the near-term and the likelihood of raising such capital at a valuation mutually agreeable to CSLM and the target; (v) material negative items surfacing during extensive due diligence efforts; or (vi) CSLM’s assessment of limited interest from institutional investors in the target or relevant industry. CSLM had either terminated discussions with each of these potential targets prior to meeting with