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CSLM Digital Asset Acquisition Corp III, Ltd (KOYNU) announced the completion of its initial public offering, raising $230 million through the sale of 23 million units at $10 per unit. The offering included 3 million units from the full exercise of underwriters’ over-allotment option.
The special purpose acquisition company’s units began trading on the Nasdaq Global Market on August 27, 2025. Each unit contains one Class A ordinary share and one-half of a redeemable warrant, with whole warrants allowing holders to purchase Class A shares at $11.50 per share.
The company plans to trade its Class A ordinary shares under the symbol "KOYN" and warrants under "KOYNW" once the securities begin separate trading. The SPAC is led by Chairman and Chief Financial Officer Vik Mittal and Chief Executive Officer Charles T. Cassel III.
According to the press release, the company intends to target businesses in digital asset sectors, focusing on companies operating in blockchain and distributed ledger technologies. The target areas include infrastructure such as wallets, custody solutions, exchanges, data protocols, and tokenized financial instruments, as well as applications in payments and cross-border finance.
Cohen & Company Capital Markets served as the sole book-running manager for the offering. The Securities and Exchange Commission declared the registration statement effective on August 26, 2025.
CSLM Digital Asset Acquisition Corp III is a Cayman Islands exempted company formed to pursue merger, acquisition, or similar business combination opportunities, with particular focus on technology, financial services, or media companies in what the company terms "Frontier Growth Markets."