# EDGAR Filing Document

**Accession Number:** 0002068454
**File Stem:** 0000000000-25-007022
**Filing Date:** 2025-7
**Character Count:** 12615
**Document Hash:** eb957ce6a9378fd1d41dc6af45205a4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007022.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0000000000-25-007022

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250702

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CSLM Digital Asset Acquisition Corp III, Ltd
- **CENTRAL INDEX KEY:** 0002068454
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08014

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CASSIA COURT, CAMANA BAY SUITE 716
- **STREET 2:** 10 MARKET STREET
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-9006
- **BUSINESS PHONE:** 212-207-0090

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CASSIA COURT, CAMANA BAY SUITE 716
- **STREET 2:** 10 MARKET STREET
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-9006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CSLM Acquisition Corp II, Ltd
- **DATE OF NAME CHANGE:** 20250514
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001829126-25-003675

## Text-Extract

```

                                                             July 2, 2025

Charles T. Cassel , III
Chief Executive Officer
CSLM Digital Asset Acquisition Corp III, Ltd
2400 E. Commercial Boulevard, Suite 900
Ft. Lauderdale, FL 33308

        Re: CSLM Digital Asset Acquisition Corp III, Ltd
            Registration Statement on Form S-1
            Filed June 18, 2025
            File No. 333-288156
Dear Charles T. Cassel III:

        We have reviewed your registration statement and have the following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our June 10,
2025 letter.

Registration Statement on Form S-1 filed June 18, 2025
Cover Page

1.     We acknowledge your response to prior comment 1 and amended disclosure.
Please
       further revise to disclose how you will maintain a founder share
interest of 25% if you
       increase or decrease the size of the offering pursuant to Rule 462(b).
In this regard, we
       note disclosure on page 5 and elsewhere in the prospectus that you may
issue a
       dividend of additional founder shares to the sponsor. Additionally, on
the cover and
       page 5, please discuss whether this may result in a material dilution of
the purchasers
       equity interests. Please see Items 1602(a)(3), 1602(b)(6) and 1603(a)(6)
of Regulation
       S-K.
 July 2, 2025
Page 2
Our Sponsor, page 4

2.     With respect to prior comments 8 and 9, the significance of the roles
and
       responsibilities of CIM and Meteora to the company in connection with
the offering is
       somewhat unclear, in part because they are not discussed with equal
prominence. For
       example, Meteora is discussed on the cover page while CIM is not.
However, you
       have included a specific discussion of CIM under its own subheading on
page 6 in the
       summary between "Our Sponsor" and "Our Management Team," but you do not
have
       a similar subsection for Meteora.

       In addition, on the cover page and on page 5 you disclose that Meteora
will act as an
       advisor to the company in connection with the offering, but have not
clearly stated
       whether it will also act as an advisor to the company in connection with
the search for
       a target or business combination, while disclosure on page 5 states that
Meteora will
       provide resources to streamline the business combination process.
Disclosure on page
       16 states that both Meteora's and Consilium's role with respect to your
company is
       expected to be "primarily passive and advisory" in nature.

       Disclosure on page 6 gives information about Consilium, but does not
address its
       advisory or consulting role in the offering or in the search for a
target or completion of
       an initial business combination. We do note disclosure on page 5 that
you will not
       compensate CIM for "general diligence, administrative and advisory
support that
       [you] may receive in the sourcing of potential targets for [your]
initial business
       combination or in its general role as advisor," but you have not
discussed whether
       CIM will have any specific role an advisor or whether it is actually
expected to
       provide the uncompensated services and support that you cite.

       Please revise your disclosures to clarify the specific roles and
responsibilities, if any,
       of each of CIM and Meteora with respect to the offering, the search for
a target and
       completion of an initial business combination, whether there is any
difference or
       distinction between their roles, and whether they will have any role or
responsibility
       in directing or managing your activities. Please refer to Item
1603(a)(4) of Regulation
       S-K.
Sponsor Securities and Compensation, page 5

3.     We note that you have revised disclosure to state that you will be
paying your sponsor
       an Administrative Services Fee of $30,000 per month; however, the form
of
       Administrative Services Agreement filed as Exhibit 10.7 reflects
compensation of
       $20,000 per month. Please revise the disclosure or the agreement, as
appropriate, for
       consistency.
Prior SPAC Experience, page 13

4.     In the disclosure you have provided in response to prior comment 4,
please describe
       the current status of Haymaker Acquisition Corp. 4, including whether it
is pending a
       de-SPAC transaction, still searching for a target, or has liquidated, as
requested in the
       prior comment. We also note that Haymaker Acquisition Corp. IV filed and
withdrew
       a registration statement in 2022, while Haymaker Acquisition Corp. 4
completed its
 July 2, 2025
Page 3

       IPO in 2023. Finally, please ensure that you have described or included
a cross
       reference to a description of the experience of the sponsor and
sponsor's affiliates and
       the extent to which they are involved in other SPACs. We note that you
refer to
       members of your management team and have explicitly excluded your
advisor in the
       introductory language in this section.
The Offering
Founder Shares, page 29

5.     We acknowledge your response to prior comment 7 and amended disclosure.
Please
       revise disclosure on page 31 that continues to state that all matters
submitted to a vote
       by the directors will require the affirmative vote of the class A
ordinary shares held
       only by the    sole director.    Please also clarify, if true, that the
sponsor has only two
       classes of shares, or explain what the Class C shares represent.
Conversion of founder shares and anti-dilution right, page 32

6.     We acknowledge your response and revisions to prior comment 10. Please
revise to
       clarify here and on the cover page, whether shares redeemed in
connection with
       charter amendments will also be subtracted from the number of shares
that will be
       used to determine the 25% founder share interest.
The Offering
Permitted purchases of public shares by our affiliates, page 39

7.     We acknowledge your response to prior comment 11 and amended disclosure.
We
       continue to note disclosures on page 39 stating that there is no
restriction on the price
       that your sponsor and affiliates may pay for such purchases. Please
revise these
       disclosures to explain how any such purchases would comply with Rule
14e-5, with
       reference to Tender Offer Rules and Schedules C&DI 166.01. Please also
revise the
       cross-referenced section "Proposed Business -- Initial Business
Combination" to
       discuss how such persons will determine the shareholders from whom they
would
       seek to acquire shares and revise to explain how such purchases would
comply with
       Rule 14e-5.
Conflicts of Interest, page 41

8.     We acknowledge your response to prior comment 12 and amended disclosure.
Please
       expand your disclosures here and on page 164 to describe all actual or
potential
       material conflicts with purchasers in the offering relating to
compensation, loan
       repayments and other financial interests of the sponsor, its affiliates
and promoters in
       completing any its initial business combination within the allotted
time, as well as the
       fact that the company may pursue a business combination transaction with
a target
       that is affiliated with the sponsor, its affiliates or promoters. Please
see Item
       1602(b)(7) and Item 1603(b) of Regulation S-K.
If our initial business combination involves a company organized under the laws
of the
United States ..., page 63

9.     Disclosure on page 63 of the prospectus states that you may use interest
earned on the
       proceeds in the trust account to cover any possible excise tax. However,
paragraph
 July 2, 2025
Page 4

       1(j) of the Investment Management Trust Agreement only permits the
company to
       withdraw interest to cover any income tax obligations. Please reconcile.
In addition,
       please revise the prospectus to clearly explain or define the term
'permitted
       withdrawal,' which may affect the amount shareholders will receive upon
redemption
       of their shares.
Risk Factors
We may approve an amendment or waiver of the letter agreement . . ., page 72

10.    Please revise to clarify whether the letter agreement contains
restrictions on the
       transfer of Sponsor membership interests, as indirect transfers of your
securities,
       which is suggested in the current disclosure. We also note disclosure on
page 193 that
       pursuant to a formation agreement the sponsor interests can only be
transferred to
       directors and officers of the company, sponsor affiliates, or in
connection with estate
       planning transfers. If the Sponsor, its affiliates, and promoters can
indirectly transfer
       your securities, including through the transfer of Sponsor membership
interests, please
       disclose the circumstances or arrangements under which such transfers
can be made.
       Please see Item 1603(a)(6) of Regulation S-K.
Use of Proceeds, page 113

11.    We note amounts reflected in "Total net proceeds (after estimated
reimbursed offering
       expenses)" do not foot and do not actually represent total net proceeds
for both
       options presented in your Use of Proceeds table. We also note the
amounts reflected
       in "Not held in the trust account from this offering" do not agree to
the totals under
       "Use of cash not held in the trust account" for each option. Please
revise your table to
       address these discrepancies, or advise. Additionally, please ensure
information from
       your Use of Proceeds table and related information is updated
consistently throughout
       the filing, including but not limited to information disclosed on pages
59, 78, 88 and
       94.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Kellie Kim at 202-551-3129 or Isaac Esquivel at
202-551-3395 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Pearlyne Paulemon at 202-551-8714 or Pamela Long at 202-551-3765 with
any other
questions.

                                                             Sincerely,
 July 2, 2025
Page 5

                        Division of Corporation Finance
                        Office of Real Estate & Construction
cc:   Giovanni Caruso

```

### Attached PDF Documents

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