Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 229

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 229
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 funds held in the Trust Account), the fact that the purchase price for Fusemachines was the result of an arm’s length negotiation and all of the factors described in this section and “The Business Combination Proposal —Merger Agreement”, the CSLM Board determined that this requirement was met.

Opinion of Marshall & Stevens, as Financial Advisor to CSLM’s Board of Directors

On December 27, 2023, at a meeting of the CSLM Board, Marshall & Stevens
rendered its oral opinion to the CSLM Board, subsequently confirmed in writing, that, as of such date and based upon and subject to the procedures

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followed, assumptions made, qualifications and limitations on the review undertaken, and other matters considered by Marshall & Stevens in preparing its opinion, as to the fairness to CSLM and, through their holdings of common stock in CSLM, to its non-controlling public common shareholders, from a financial point of view, the consideration to be paid by CSLM to the Fusemachines Securityholders pursuant to the Merger Agreement was fair to the holders of the CSLM Class A Ordinary Shares other than the Excluded Parties (without giving effect to any impact of the Business Combination on any particular shareholder of the CSLM Class A Ordinary Shares other than in its capacity as a shareholder of the CSLM Class A Ordinary Shares). For purposes of Marshall & Stevens’ opinion and this summary, the “consideration” consisted of CSLM Ordinary Shares with an aggregate value (based on a stated value of $10.00 per CSLM Ordinary Share) equal to (i) $200 million multiplied by(ii) the number of shares of Fusemachines Common Stock outstanding as of the Effective Time divided by(iii) the Aggregate Fully Diluted Fusemachines Common Stock. The full text of Marshall & Stevens’ written opinion, dated December 27, 2023, which sets forth the procedures followed, assumptions made, matters considered, qualifications and limitations on the review undertaken, and other matters considered by Marshall & Stevens in connection with the opinion, is attached to this proxy statement/prospectus as Annex H . The summary of Marshall & Stevens’ opinion in this proxy statement/prospectus is qualified in its entirety by reference to the full text of Marshall & Stevens’ written opinion. Marshall & Stevens’ opinion was provided for the information and assistance of the CSLM Board and does not constitute a recommendation as to how any shareholder of CSLM should vote or act (including with respect to any Redemption Rights) with respect to the Business Combination