Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 402

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 402
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 upon exercise of the Warrants until the expiration of the Warrants in accordance with the provisions of the
warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the Warrants is not effective
by the sixtieth (60) business day after the closing of the initial Business Combination, Warrant holders may, commencing
on the 61 day until such time as there is an effective registration statement and during any period when the Company will
have failed to maintain an effective registration statement, exercise Warrants on a “cashless basis” in accordance with Section 3(a)(9)
of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise
of a Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company
so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does
not so elect, the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available.

If the holders exercise their Public Warrants on
a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares equal
to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by
the excess of the “fair market value” of the Class A ordinary shares over the exercise price of the warrants by (y) the fair
market value. The “fair market value” is the average reported closing price of the Class A ordinary shares for the 10 trading
days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the
notice of redemption is sent to the holders of warrants, as applicable.

<div align='center'>F-13</div>

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00: The Company may redeem the outstanding Warrants:

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