CSLM Digital Asset Acquisition Corp III reports news as a blank-check company formed to pursue a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. Coverage centers on its public-company formation, Nasdaq-listed securities, unit structure and capital structure as a special purpose acquisition company.
Recurring developments include IPO-related disclosures, the separation and trading of Class A ordinary shares and warrants, material agreements, shareholder voting matters and governance updates tied to the company’s SPAC lifecycle.
CSLM Digital Asset Acquisition Corp III (KOYN) signed a definitive business combination agreement valuing First Digital at $250 million before new funding. First Digital would become a subsidiary of a new Cayman Islands holding company expected to list on Nasdaq. Closing is expected in the first half of 2027, subject to shareholder and regulatory approvals, SEC registration effectiveness and Nasdaq listing approval.
First Digital generated approximately $87 million in revenue in the fiscal year ended June 30, 2025. Its Finance District ecosystem does not yet contribute material revenue. The transaction has no minimum cash condition. A separate non-binding term sheet contemplates a $25 million convertible note with a 0% coupon and $12.00 conversion price. Ordinary Class A shares would carry one vote each; founder Vincent Chok would receive Class B shares carrying ten votes each.
First Digital Group/b) and announced a non-binding letter of intent dated December 2, 2025 for a proposed business combination to create a publicly listed stablecoin and digital payments leader. First Digital expects US$80–90 million unaudited 2025 revenue and highlights FDUSD metrics: >US$4.4 billion peak circulation and >US$2 trillion cumulative trading volume. The LOI is non-binding and any transaction remains subject to due diligence, definitive agreements, shareholder and regulatory approvals. First Digital also disclosed a filed defamation action dated April 3, 2025.
CSLM Digital Asset Acquisition Corp III (NASDAQ:KOYNU) has successfully completed its initial public offering, raising $230 million through the sale of 23 million units at $10.00 per unit, including the full exercise of the underwriters' over-allotment option.
Each unit comprises one Class A ordinary share and one-half redeemable warrant, with whole warrants exercisable at $11.50 per share. The units trade under "KOYNU," while the Class A shares and warrants will separately trade as "KOYN" and "KOYNW" respectively.
Led by Chairman and CFO Vik Mittal and CEO Charles T. Cassel III, the SPAC targets businesses in the digital asset space, focusing on blockchain infrastructure and distributed ledger technologies within Frontier Growth Markets.
CSLM Digital Asset Acquisition Corp III (NASDAQ:KOYNU) has announced the pricing of its $200 million initial public offering, offering 20 million units at $10.00 per unit. Each unit comprises one Class A ordinary share and one-half of one redeemable warrant, with whole warrants exercisable at $11.50 per share.
Trading will commence on Nasdaq under "KOYNU" on August 27, 2025, with Class A shares and warrants later trading separately under "KOYN" and "KOYNW". The SPAC, led by Chairman Vik Mittal and CEO Charles T. Cassel III, targets businesses in the digital asset space, focusing on blockchain infrastructure and new economy sectors in Frontier Growth Markets.
Cohen & Company Capital Markets serves as the sole book-runner, with a 45-day option to purchase up to 3 million additional units to cover over-allotments. The offering is expected to close on August 28, 2025.