Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 194

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 194
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 to its fiduciary duties, chooses
to approve one or more amendments to the letter agreement. Any such amendments to the letter agreement would not require approval from
our shareholders and may have an adverse effect on the value of an investment in our securities.

<div align='center'>110</div>

We may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.

We have the ability to redeem
outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant if, among
other things, the last reported sale price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments
to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of
Securities — Redeemable Warrants — Public Shareholders’ Warrants — Anti-dilution Adjustments”) for any
20 trading days within any 30 trading-day period ending on the third trading day prior to the date on which we send the notice of redemption
to the warrant holders. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
to register or qualify the underlying securities for sale under all applicable state securities laws. As a result, we may redeem the
public warrants as set forth above even if the holders are otherwise unable to exercise the warrants. Redemption of the outstanding warrants
could force you to: (1) exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to
do so; (2) sell your warrants at the then-current market price when you might otherwise wish to hold your warrants; or (3) accept the
nominal redemption price which, at the time the outstanding warrants are called for redemption, we expect would be substantially less
than the market value of your warrants. None of the private warrants will be redeemable by us.

If we call the warrants for
redemption as described above, our management will have the option to require any holder that wishes to exercise his, her or its warrant
to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the
dilutive effect on our shareholders of