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CSLM Acquisition Corp., a company listed on the Nasdaq Stock Market under the ticker CSLM and currently valued at $69.42 million, has announced a deposit of $30,000 into its trust account. This strategic move, made on Thursday, extends the company's deadline to complete a business combination to January 18, 2025. The announcement was made in a Form 8-K filing with the Securities and Exchange Commission today.
The deposit is part of CSLM Acquisition Corp.'s ability to extend the period for finalizing a business combination on a monthly basis. The company has the option to continue extending this deadline, at the cost of $30,000 for each additional month, up until July 18, 2025.
CSLM Acquisition Corp., previously known as Consilium Acquisition Corp I, Ltd., is a Cayman Islands-registered company with its principal executive offices located in Ft. Lauderdale, Florida. The company trades on the Nasdaq with several securities, including units (CSLMU), Class A ordinary shares (CSLM), redeemable warrants (CSLMW), and rights (CSLMR).
According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 1.54, and its stock shows remarkably low volatility with a beta of 0.02.
The company's CEO, Charles Cassel, signed the SEC filing, which was submitted on the same day as the deposit. The filing also confirms CSLM Acquisition Corp.'s status as an emerging growth company and details its securities registered under Section 12(b) of the Securities Exchange Act of 1934.
This extension provides CSLM Acquisition Corp. with additional time to identify and merge with a target company, which is a common practice for special purpose acquisition companies (SPACs) like CSLM. The trust account deposit is a commitment to stakeholders that the company is actively working towards its goal of a business combination.
Trading near its 52-week low of $10.72, InvestingPro analysis reveals several additional key insights about the company's financial health and market position. Subscribers can access over 5 additional ProTips and comprehensive financial metrics to make more informed investment decisions.
Investors and interested parties can find more details about this event in the company's latest 8-K report filed with the SEC. This move may be of particular interest to those following the SPAC market and CSLM Acquisition Corp.'s ongoing business strategies.
In other recent news, CSLM Acquisition Corp has extended its deadline for completing a business combination until December 18, 2024, by depositing an additional $30,000 into its trust account. This move provides the company with more time to identify and merge with a suitable business entity.
CSLM Acquisition Corp has the option to further extend this deadline on a monthly basis by depositing the same amount for each extension, up to a maximum limit of July 18, 2025.
In parallel, the company has issued a 2nd amended and restated promissory note to its sponsor, Consilium Acquisition Sponsor I, LLC, increasing its borrowing limit to $2,750,000. BDO USA, P.C. has been ratified by shareholders as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
In a recent development, approximately 3,339,500 Class A shares have been tendered for redemption, reducing the trust account by approximately $38,596,222.
These recent developments are part of CSLM Acquisition Corp's ongoing efforts to identify and finalize a suitable business merger or acquisition. The extension and other strategic moves provide CSLM Acquisition Corp with more time and financial flexibility to achieve its business combination objectives.
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