Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 253

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 253
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 redemptions.                                                                         |

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Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419

The following table compares the terms of this offering to the terms of an offering
by a blank check company subject to the provisions of Rule 419. This comparison assumes that the gross proceeds, underwriting commissions and
underwriting expenses of our offering would be identical to those of an offering undertaken
by a company subject to Rule 419, and that the underwriter will not exercise its over-allotment option. None of
the provisions of Rule 419 apply to our offering.

|                                                           |     | Terms of Our Offering                                                                                                                                                                                                      |     | Terms Under a Rule 419 Offering                                                                                                                                                |
| Escrow of offering proceeds                               |     | $201,000,000 of the net proceeds of this offering and the sale of the private units will be deposited into a trust account located in the United States with Continental Stock Transfer & Trust Company acting as trustee. |     | Approximately $168,525,000 of the offering proceeds, representing the gross proceeds of this offering, would                                                                   
 be required to be deposited into either an escrow account with an insured depositary                                                                                           
 institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account |
| Investment of net proceeds                                |     | $201,000,000 of the net proceeds of this offering and the sale of the private units, held in trust will be invested in United States “government securities” within the                                                    
 meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in money                                                                                                                  
 market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S.                                                                                      
 government treasury obligations.                                                                                                                                                                                           |     | Proceeds could be invested only in specified securities such as a money market fund                                                                                            
 meeting conditions of the Investment Company Act or in securities that are direct                                                                                              
 obligations of, or obligations guaranteed as to principal or interest by, the United                                                                                           
 States.                                                                                                                                                                        |
| Receipt of interest on escrowed funds                     |     | Interest on proceeds from the trust account to be paid to shareholders will be reduced by any taxes payable and, in the event we are unable to complete our initial Business Combination within the time period            
 prescribed by our amended and restated memorandum and articles of