Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 397

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 397
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.8 million, respectively. Net cash used in operating activities was $0.23 million for the quarter ended March 31, 2025, and $1.46 million for the quarter ended March 31, 2024. Net cash used in operating activities was $2.2 million for the year ended December 31, 2024, and $2.5 million for the year ended December 31, 2023. As noted in our condensed consolidated interim financial statements, we had an accumulated deficit of $34.5 million as of March 31, 2025. As noted in our consolidated financial statements, we had an accumulated deficit of $34.2 million as of December 31, 2024 and 18.8 million as of December 31, 2023. Business Combination and Public Company Costs On January 22, 2024, Fusemachines entered into a plan of merger agreement (the “Merger Agreement”) with CSLM in which Fusemachines Inc. will be the surviving corporation and a wholly owned subsidiary of CSLM. The Business Combination will be accounted for as a reverse recapitalization in accordance with U.S. GAAP and not as a business combination under ASC 805. Under this method of accounting, CSLM, will be treated as the acquired company for accounting purposes, whereas Fusemachines Inc. will be treated as the accounting acquirer. Under the Merger Agreement, the Fusemachines equity holders that hold shares of company common stock, shares of Convertible Preferred Stock, company stock options, or Convertible Notes will receive an aggregate of number of common stock equal to the quotient obtained by dividing (a) $200,000 thousand, by (b) $10.00 in exchange for all of Fusemachines’ fully diluted company common stock. The Merger Agreement will become effective upon the filing of the certificate of merger with the Secretary of State of the State of Delaware or upon certain conditions as specified in the articles of the merger. Fusemachines Inc.’s total transaction costs from January 1, 2024 through the anticipated Closing Date are estimated to be $6.63 million. As a result of the Business Combination, Fusemachines will become the successor to an SEC-registeredand Nasdaq-listed company, which will require Fusemachines to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices. Fusemachines expects to incur additional annual expenses as a public company for, among other things,