Company: CSLMF
Filing Date: 2025-08-18
Form Type: 425
Source: 0001213900-25-077680
Chunk: 1

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-08-18
Form: 425
Chunk 1
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 about Fuse going to be Fuse in a couple weeks. Coming in at a 67 million valuation,                             |
| 6:31 | which you can actually get via the rights. Uh, it’s hard to get. You can’t get it through the common shares. Now, I                      |
| 6:36 | get it. But if you buy those rights at 25 cents, you’re basically buying Fuse at a 67 million valuation. I got that                      |
| 6:44 | whole story. Everything’s approved. Just waiting for NASDAQ two weeks from now and you’re trading under Fuse. Anything                   |
| 6:50 | I missed there from a structural point of view, Charlie? I don’t think so. I think I think it’s just pro probably important to note that |
| 6:57 | uh this transaction is being funded pretty much internally by my firm. Not pretty much entirely by my firm. So, we                       |
| 7:04 | haven’t gone to outside capital. So you don’t really have what I would describe as a a third-party benchmark on                          |
| 7:11 | valuation uh at this stage other than what the what the market is reflecting and I don’t think the market is                             |
| 7:17 | reflecting anything that’s really anything other than technical at this point.                                                           |

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| 7:23  | Okay. And actually before I go to Sameer, you just mentioned valuation. I would love your perspective on on valuation     |
| 7:30  | like why you know how you came to this the 200 million implied equity value                                               |
| 7:35  | when the deal was made and now it’s 67 million you know what you think of that you know is that the right right price     |
| 7:41  | at this point or was it 200 million? So talk to me about valuation how you arrived at these numbers and what you          |
| 7:47  | think it should be valued at. I’m sorry I’ll get to you. I promise Sameer. Okay go ahead Charlie. Sure. I think some      |
| 7:54  | of this I got to be slightly careful of on on MNPI, but  effectively                                                      |
| 8:00  | we are professional fund managers. We run we’re a boutique investment management shop that runs institutional             |