Company: CSLMF
Filing Date: 2025-07-03
Form Type: DEFM14A
Source: 0001193125-25-155514
Chunk: 176

Company: CSLM ACQUISITION CORP.
Filing Date: 2025-07-03
Form: DEFM14A
Chunk 176
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subject to the procedures followed, assumptions made, qualifications and limitations on review undertaken, and other matters considered by Marshall Stevens in preparing such 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 (as defined in such opinion) to be paid by CSLM to the Fusemachines Stockholders pursuant to the Merger Agreement was fair to CSLM,
without giving effect to any impact of the Business Combination on any particular holder of the CSLM Class A Ordinary Shares other than in its capacity as a holder of the CSLM Class A Ordinary Shares. The written opinion of Marshall &
Stevens is attached as Annex H to this proxy statement/prospectus and is incorporated by reference herein.

Marshall &
Stevens’ opinion does not and will not reflect changes, circumstances, developments or events that may have occurred or may occur after the date of the opinion, including changes in the operations and prospects of CSLM or Fusemachines,
regulatory or legal changes, general market and economic conditions and other factors that may be beyond the control of CSLM and Fusemachines and on which the fairness opinion was based, and that may alter the value of CSLM and Fusemachines or the
prices of the CSLM Class A Ordinary Shares or Fusemachines Common Stock prior to consummation of the Business Combination. The value of the CSLM Class A Ordinary Shares has fluctuated since, and could be materially different from its value
as of, the date of Marshall & Stevens’ opinion, and Marshall & Stevens’ opinion does not address the prices at which the CSLM Class A Ordinary Shares, CSLM Class B Ordinary Shares, CSLM Warrants, CSLM Units, CSLM
Rights or other securities or financial instruments of or relating to CSLM may trade. The opinion does not speak as of the time the Business Combination will be completed or as of any date other than the date of such opinion. CSLM does not
anticipate asking Marshall & Stevens to update Marshall & Stevens’ opinion, and Marshall & Stevens does

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not have an obligation or responsibility to update, revise or reaffirm its opinion based on circumstances, developments or events that may have occurred or may occur after the date of the
opinion. The lack of a new or updated third-party fairness opinion may lead to an increased number of CSLM Shareholders who vote against the Business Combination or demand redemption of their