CSLM Digital Asset Acquisition Corp III, Ltd
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
KOYN$10.29+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001829126-26-005236
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001829126-26-008722
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 46 previous paragraphs and 54 current paragraphs.
37 unchanged; 9 reworded; 7 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
For the six months ended June 30, 2026, we had net income of $2,852,544. Net income was comprised of $4,157,934 of interest income on Trust Account and $47,310 of interest income on money market mutual fund, offset by $1,273,475 of general, formation, and administrative expenses, $37,192 of insurance expense and $42,033 of listing fees.
Current report
Consulting Services Agreement
Current report
On March 18, 2026, the Audit Committee approved the substitution of Samara Capital Advisors, LLC (“SCA”) for Meteora Capital, LLC as the Company’s consulting services provider under the Company’s previously approved consulting arrangement, with SCA serving as contracting and payroll-processing agent for consulting personnel supporting the Company’s financial analysis, accounting, SEC reporting, transaction readiness, investor relations and Business Combination activities. SCA’s principals include Vikas Mittal, the Company’s Co-CEO and CFO, making SCA a related party under Item 404 of Regulation S-K. Amounts paid to SCA are direct pass-through reimbursement of staffing costs under the previously approved rate card, which was not modified by the substitution. For the three and six months ended June 30, 2026, the Company incurred $100,408 and paid $51,035, resulting in an outstanding balance of $49,373 as of June 30, 2026 which is recorded to consulting services payable – related party on the condensed balance sheets. No amounts were outstanding as of December 31, 2025.
Current report
Administrative Services Agreement
Current report
Underwriting Agreement
Current report
We granted the underwriter a 45-day option from the date of the Initial Public Offering to purchase up to an additional 3,000,000 Units to cover over-allotments. On August 28, 2025, the underwriters fully exercised their over-allotment option to purchase an additional 3,000,000 Units.
Current report
The underwriter was paid a cash underwriting discount of 2.00% of the gross proceeds of the units offered in the Initial Public Offering, or $4,600,000 in the aggregate. The underwriter used $3,162,500 of such funds to purchase 316,250 Private Units at $10.00 per Private Unit. Additionally, the underwriter is entitled to a deferred underwriting discount of 4.00% of the gross proceeds of the Initial Public Offering held in the Trust Account (based on the percentage of funds remaining in the Trust Account after redemptions of Public Shares in accordance with the Underwriting Agreement between the Company and CCM), or $9,200,000. The deferred fee will become payable to the Underwriter from the amounts held in the Trust Account solely in the event that we complete a Business Combination, subject to the terms of the underwriting agreement.
Reworded paragraphs (9)
Previous wording
We are a blank check company, incorporated on July 26, 2024 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any specific business combination target, and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to a business combination with us. We intend to effectuate our initial business combination using cash from the proceeds of the IPO and the sale of the private units, our shares, debt or a combination of cash, shares and debt. We intend to effectuate our initial business combination using cash from the proceeds of the IPO and the sale of the private units, our common equity or any preferred equity that we may create in accordance with the terms of our charter documents, debt, or a combination of cash, common or preferred equity and debt.
Current wording
We are a blank check company, incorporated on July 26, 2024 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We intend to effectuate our initial business combination using cash from the proceeds of the IPO and the sale of the private units, our common equity or any preferred equity that we may create in accordance with the terms of our charter documents, debt, or a combination of cash, common or preferred equity and debt.
Previous wording
As indicated in the accompanying unaudited condensed financial statements as of March 31, 2026 and December 31, 2025, we had $2,802,146 and $3,108,288 in cash and cash equivalents, respectively, $235,300,119 and $233,253,391 of treasury securities held in the Trust Account, respectively, and working capital of $2,288,673 and $2,973,730, respectively. Further, we expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Current wording
As indicated in the accompanying unaudited condensed financial statements as of June 30, 2026 and December 31, 2025, we had $2,469,590 and $3,108,288 in cash and cash equivalents, respectively, $237,411,325 and $233,253,391 of treasury securities held in the Trust Account, respectively, and working capital of $1,705,532 and $2,973,730, respectively. Further, we expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Previous wording
For the three months ended March 31, 2026, we had net income of $1,343,177. Net income was comprised of $2,046,728 of interest income on Trust Account and $25,475 of interest income on money market mutual fund, offset by $689,750 of general and administrative expenses, $18,493 of insurance expense and $20,783 of listing fees.
Current wording
For the three months ended June 30, 2026, we had net income of $1,509,367. Net income was comprised of $2,111,206 of interest income on Trust Account and $21,835 of interest income on money market mutual fund, offset by $583,725 of general, formation, and administrative expenses, $18,699 of insurance expense and $21,250 of listing fees.
Previous wording
For the three months ended March 31, 2025, we had net loss of $31,587. Net loss was comprised of $31,587 of formation, general and administrative expenses.
Current wording
For the three and six months ended June 30, 2025 we had net loss of $60,675 and $92,262, respectively. Net loss was comprised of $60,675 and $92,262 of general, formation, and administrative expenses, respectively.
Previous wording
As of March 31, 2026 and December 31, 2025, we had $2,802,146 and $3,108,288 in cash and cash equivalents, respectively, and working capital of $2,288,673 and $2,973,730 respectively. We have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans. Our plans to raise capital and to consummate our initial business combination may not be successful. These factors among others raise substantial doubt about our ability to continue as a going concern.
Current wording
As of June 30, 2026 and December 31, 2025, we had $2,469,590 and $3,108,288 in cash and cash equivalents, respectively, and working capital of $1,705,532 and $2,973,730 respectively. We have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans. Our plans to raise capital and to consummate our initial business combination may not be successful. These factors among others raise substantial doubt about our ability to continue as a going concern.
Previous wording
The Sponsor transferred $35,000 in cash to the Company during the three months ended March 31, 2026. As such, the due to related party balance is $35,000. The Company intends to repay the amount in full to the Sponsor. No amounts are due to related party as of December 31, 2025.
Current wording
The Sponsor transferred $35,000 in cash to the Company during the six months ended June 30, 2026. As such, the due to related party balance is $35,000. The Company intends to repay the amount in full to the Sponsor. No amounts were due to related party as of December 31, 2025.
Previous wording
Commencing on the effective date of the Registration Statement, the Company entered into an agreement with our Sponsor to pay an aggregate of $30,000 per month for company administration, office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the $30,000 per month fee. For the three months ended March 31, 2026 and 2025, the Company recorded $90,000 and $0, respectively, and has paid $213,871 and $123,871 under the agreement as of March 31, 2026 and December 31, 2025, respectively, resulting in no amounts outstanding.
Current wording
Commencing on the effective date of the Registration Statement, the Company entered into an agreement with our Sponsor to pay an aggregate of $30,000 per month for company administration, office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the $30,000 per month fee. For the three months ended June 30, 2026 and 2025, the Company recorded $90,000 and $0, respectively, and paid $90,000 and $0, respectively under the agreement for the period. For the six months ended June 30, 2026 and 2025, the Company recorded $180,000 and $0, respectively, and paid $180,000 and $0, respectively under the agreement for the period. As of June 30, 2026 and December 31, 2025, no amounts were outstanding under the agreement.
Previous wording
On November 10, 2025, the Company entered into consulting agreements with Ryan Gentry and Vikas Mittal (the “Consulting Agreements”) pursuant to which Mr. Gentry and Mr. Mittal agreed to provide the Company with consulting services, which may include but are not limited to, assisting with analysis and advice regarding the potential investment opportunities for special purpose acquisition companies, accounting and bookkeeping, and administrative support. Pursuant to the terms of the Consulting Agreements, Mr. Gentry is entitled to a consulting fee of $12,500 per month and Mr. Mittal is entitled to a consulting fee of $17,500 per month, payable at the end of each monthly period. The Consulting Agreements will terminate automatically upon completion of a business combination by the Company, unless sooner terminated by either party subject to the terms and conditions therein. For the three months ended March 31, 2026, the Company incurred $87,650 and paid $60,000, resulting in an outstanding balance of $27,650 under the Consulting Agreements as of March 31, 2026.
Current wording
On November 10, 2025, the Company entered into consulting agreements with Ryan Gentry and Vikas Mittal (the “Consulting Agreements”) pursuant to which Mr. Gentry and Mr. Mittal agreed to provide the Company with consulting services, which may include but are not limited to, assisting with analysis and advice regarding the potential investment opportunities for special purpose acquisition companies, accounting and bookkeeping, and administrative support. Pursuant to the terms of the Consulting Agreements, Mr. Gentry is entitled to a consulting fee of $12,500 per month plus expense reimbursement and Mr. Mittal is entitled to a consulting fee of $17,500 per month, payable at the end of each monthly period. The Consulting Agreements will terminate automatically upon completion of a business combination by the Company, unless sooner terminated by either party subject to the terms and conditions therein. For the three months ended June 30, 2026, the Company incurred $95,045 and paid $92,695 and for the six months ended June 30, 2026, the Company incurred $182,695 and paid $152,695, resulting in an outstanding balance of $30,000 under the Consulting Agreements as of June 30, 2026 which is recorded to consulting services payable – related party on the condensed balance sheets. No amounts were outstanding as of December 31, 2025.
Previous wording
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. No unaudited quarterly operating data is included in this Quarterly Report as we have not conducted any operations to date.
Current wording
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than as follows:
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Commencing on the effective date of the Registration Statement, we entered into an agreement with our Sponsor to pay an aggregate of $30,000 per month for company administration, office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation, we will cease paying the $30,000 per month fee. For the three months ended June 30, 2026 and 2025, we recorded $90,000 and $0, respectively, and paid $90,000 and $0, respectively under the agreement for the period. For the six months ended June 30, 2026 and 2025, we recorded $180,000 and $0, respectively, and paid $180,000 and $0, respectively under the agreement for the period. As of June 30, 2026 and December 31, 2025, no amounts were outstanding under the agreement.