CSLM Digital Asset Acquisition Corp III, Ltd (NASDAQ: KOYN)

CSLM Digital Asset Acquisition Corp III, Ltd is a blank check company incorporated in the Cayman Islands as an exempted company on July 26, 2024.
The company was formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
It focuses on sectors aligned with the ongoing digitization of financial infrastructure.
These sectors include digital assets, Web3 technologies, financial services infrastructure, and blockchain driven business models.
The company places emphasis on companies based in or focused on emerging and frontier markets.
As of December 31, 2025 the company had not commenced any operations.
All activities from inception through that date were organizational and those necessary to prepare for the IPO and to search for a business combination target and negotiate with potential targets.
The initial public offering closed on August 28, 2025 and consisted of 23,000,000 units sold at $10.00 per unit.
Each unit comprises one Class A ordinary share and one half of one redeemable warrant.
A whole warrant entitles the holder to purchase one Class A ordinary share for $11.50 per share subject to adjustment.
The gross proceeds from the offering were $230,000,000.
Simultaneously a private placement of 891,250 units at $10.00 per unit added $8,912,500 to the proceeds.
The total amount deposited in the trust account was $238,912,500, which includes the deferred underwriting commission.
The trust account holds the funds for the benefit of public shareholders until a business combination is completed.
The company’s securities trade on Nasdaq under the symbols KOYN for Class A ordinary shares, KOYNW for warrants and KOYNU for units.
The sponsor of the company is CSLM Acquisition Sponsor II, Ltd, a Cayman Islands exempted company incorporated on the same date as the company.
The sponsor is beneficially owned 51% by Samara CSLM LLC and 49% by Consilium Investment Capital Inc.
Samara CSLM LLC is owned solely by Vikas Mittal and his immediate family.
Consilium Investment Capital Inc. is owned 50% by Charles T. Cassel III and 50% by Jonathan Binder.
The sponsor’s economic interests are currently held by Samara CSLM LLC, Consilium Investment Capital Inc. and certain non managing sponsor investors.

The company does not generate any operating revenues prior to completing its initial business combination.
Its primary source of income at present is non operating income derived from interest on cash and cash equivalents held in the trust account.
The trust account contains the gross proceeds from the initial public offering and the concurrent private placement.
The initial public offering closed on August 28, 2025 and consisted of 23,000,000 units sold at $10.00 per unit for gross proceeds of $230,000,000.
Simultaneously the private placement issued 891,250 units at $10.00 per unit adding $8,912,500 to the trust.
The total amount deposited in the trust account was $238,912,500, which includes the underwriting commission that is deferred.
Interest earned on these funds is credited to the trust and will be available to the company after a business combination.
After a successful business combination the company's revenue will depend on the operations of the acquired business.
Until that time the company will rely solely on the interest income from the trust.
The company may also obtain additional financing through the issuance of debt, equity or other securities in connection with the business combination.
Such additional financing could be used to fund the purchase price or to support the operations of the combined entity.
However, no operating revenue will be recognized until the business combination is consummated and the target business begins to generate sales or services.

The company operates in the highly competitive blank check or special purpose acquisition company sector.
Numerous other SPACs, private equity firms, venture capital groups and operating businesses seek similar acquisition opportunities.
Competitors often possess comparable or greater financial, technical and human resources.
The company's competitive advantages stem from the experience and networks of its sponsor and management team.
The sponsor, CSLM Acquisition Sponsor II, Ltd, is affiliated with Consilium Investment Management LLC and Meteora.
Consilium Investment Management LLC is an SEC registered investment management firm headquartered in Fort Lauderdale, Florida.
Meteora is an investment adviser specializing in SPAC related investments.
Vikas Mittal, the chairman and chief financial officer of the company, is the managing member and chief investment officer of Meteora.
Charles T. Cassel III, a director of the company, and Jonathan Binder, who served as a director from March 2025 to November 2025, are principals of Consilium Investment Management LLC.
The founders of Consilium Investment Management LLC have over six decades of experience in emerging markets and frontier growth markets.
They have deep relationships with companies, management teams, policy makers and advisors in those regions.
Consilium Investment Management LLC and its founders have participated in private equity and mezzanine financing transactions.
Meteora’s principals have previous experience across the full lifecycle of SPACs, from the initial public offering to the deSPAC business combination process.
Meteora will provide resources including a network of relationships, an extensive SPAC knowledge base and a standardized SPAC operating system to streamline the business combination process.
Meteora’s ability to invest across the entire SPAC capital structure creates an end to end platform for sponsors.
The company’s management team has more than eighty years of combined experience investing in frontier growth markets.
This experience includes living and working in certain target markets, which has enabled the team to build professional and social networks.
These relationships span the financial, corporate, legal and political sectors.
The company also emphasizes an ESG mandate when evaluating potential targets.
Consilium Investment Management LLC is a signatory to the UN Principles of Responsible Investing, a member of the Intentional Endowments Network and a participant in the Emerging Market Investors Alliance.
The investment criteria used by the company include operations in new economy sectors, established business models, sector leading key performance indicators, scalability, underpenetrated and growing total addressable market, strong management team and culture, market leadership, attractive valuation and a focus on ESG and social empowerment.
These criteria are intended to identify targets that can create long term value for shareholders while adhering to responsible investing principles.
The company believes that its combination of local knowledge, global platform, transaction expertise and ESG focus differentiates it from other blank check entities.

The company currently has no customers in the traditional sense because it has not yet generated operating revenue.
Its primary stakeholders are the public shareholders who purchased units in the initial public offering and the private placement.
These holders are entitled to a proportionate share of the trust account proceeds, including interest, upon completion or liquidation of the business combination.
The sponsor, CSLM Acquisition Sponsor II, Ltd, and its affiliates also hold a significant interest through founder shares and private units.
The sponsor purchased 575,000 private units and Cohen & Company Capital Markets purchased 316,250 private units in the private placement.
Potential future customers will be the businesses that the company acquires through its initial business combination.
These targets are expected to operate in the digital assets, Web3, financial services infrastructure or blockchain driven sectors, with a focus on emerging and frontier markets.
Until a target is identified and combined, the company serves only its shareholders and the sponsor.
The company has three officers and does not intend to have any full time employees prior to the completion of its initial business combination.
Members of the team are not obligated to devote a specific number of hours to company matters but they intend to devote as much of their time as they deem necessary to its affairs until a business combination is completed.
The amount of time that any such person will devote in any time period varies based on whether a target business has been selected for the initial business combination and the current stage of the process.
The company’s executive offices are located at 2400 E. Commercial Boulevard, Suite 900, Ft. Lauderdale, FL 33308.
The cost for this office space is included in the $30,000 per month fee paid to the sponsor for company administration, office space, utilities and secretarial and administrative support.
The company considers its current office space adequate for its current operations.