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CSLM Digital Asset Acquisition Corp III, Ltd (NASDAQ:KOYN) announced it completed its initial public offering on Thursday, raising $230 million through the sale of 23,000,000 units. The offering included the full exercise of the underwriters’ over-allotment option for an additional 3,000,000 units. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant allowing the purchase of one Class A ordinary share at $11.50 per share.
The units were sold at $10.00 each on the Nasdaq Stock Market LLC. In addition to the public offering, the company completed a private placement of 891,250 units to its sponsor, CSLM Acquisition Sponsor II, Ltd, and to Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC. The private placement generated $8,912,500 in proceeds, with the sponsor purchasing 575,000 units and Cohen & Company Capital Markets acquiring 316,250 units. Terms of the private units are similar to those sold in the public offering, except that they are generally subject to transfer restrictions until 30 days after the company completes a business combination.
The company stated that, as of August 28, 2025, $230 million from the IPO and a portion of the private placement proceeds was deposited into a trust account for the benefit of public shareholders. The trust account is managed by Continental Stock Transfer & Trust Company. Funds in the trust account, minus certain permitted withdrawals for taxes and dissolution expenses, will remain in place until the earliest of a business combination, shareholder-approved amendments, or the redemption of shares if a business combination is not completed within 24 months of the IPO closing.
CSLM Digital Asset Acquisition Corp III, Ltd is classified as an emerging growth company under U.S. securities laws. An audited balance sheet as of August 28, 2025, reflecting the proceeds from the IPO and private placement, was included as an exhibit to the company’s SEC filing. All information is based on a statement in the company’s press release filed with the Securities and Exchange Commission.
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