Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 103

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 103
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 waived by the parties to the Merger Agreement. It is important for you to know that, at the time of the extraordinary general
meeting, Pubco may not have received from Nasdaq either confirmation of the listing of the Pubco Common Stock or that approval will be obtained prior to the consummation of the Business Combination. As a result, you may be asked to vote to approve
the Business Combination and the other proposals included in this proxy statement/prospectus without such confirmation, and, further, it is possible that such confirmation may never be received and the Business Combination could still be consummated
if such condition is waived and therefore the Pubco Common Stock would not be listed on any nationally recognized securities exchange.

Our securities are currently quoted on the OTC.

Opinion of Marshall & Stevens

On March 22, 2023, CSLM engaged Marshall & Stevens Transaction Advisory Services LLC
(“Marshall & Stevens”) to evaluate as to the fairness to CSLM, 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 received by CSLM for the issuance of its equity securities to the equity holders of Fusemachines in connection with the anticipated acquisition by CSLM of one hundred percent of the equity and equity
equivalents (“equity”) and/or all or substantially all of the assets and business (the “business”) of Fuse. On December 27, 2023, CSLM’s board of directors met to review the proposed merger. During this meeting,
Marshall & Stevens reviewed with CSLM’s board of directors certain financial analyses as described below and rendered its oral opinion to CSLM’s board of directors. This opinion was confirmed by delivery of a written opinion,
dated December 26, 2023 (the “M&S Opinion”), to the effect that, based upon a valuation date of December 22, 2023 and based on and subject to the matters described in 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, that the purchase price being paid by CSLM for Fusemachines was fair.

48

The full text of M&S Opinion, which sets forth, among other things, the assumptions made, matters considered and limitations on the scope of review undertaken by Marshall & Stevens in rendering its opinion, is attached as Annex H and is incorporated into this proxy