CSLM Digital Asset Acquisition Corp III, Ltd $200 Million Initial Public Offering

Rhea-AI Summary

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.

Positive

• Significant IPO size of $200 million indicates strong market interest
• Management team brings extensive experience in emerging markets through Consilium Investment Management and Meteora Capital
• Strategic focus on high-growth digital asset and blockchain infrastructure sectors
• 45-day over-allotment option for additional $30 million in units

Negative

• No specific acquisition target identified yet
• Typical SPAC risks including potential dilution from warrant exercises
• Limited time frame to complete business combination
• Operates in volatile digital asset and frontier markets sectors

Insights

Financial Markets Analyst

CSLM Digital Asset Acquisition Corp III launches $200M SPAC IPO targeting blockchain companies in emerging markets, leveraging management's expertise in digital assets.

This newly formed SPAC has priced its $200 million IPO, offering 20 million units at $10.00 each. Each unit comprises one Class A ordinary share and half a warrant, with whole warrants allowing purchase of shares at $11.50. The structure follows standard SPAC mechanics, with units trading under "KOYNU" before eventually splitting into shares ("KOYN") and warrants ("KOYNW").

What differentiates this SPAC is its specialized focus on digital asset infrastructure—specifically targeting companies developing critical blockchain ecosystem components in emerging markets. The management team combines digital asset expertise with emerging markets experience through affiliations with Consilium Investment Management and Meteora Capital.

The SPAC's strategy targets the intersection of two high-growth areas: digital assets and frontier markets. By focusing on infrastructure components like wallets, custody solutions, exchanges, and payment systems, they're positioning for the foundational layer of blockchain adoption rather than more speculative cryptocurrency plays.

Cohen & Company Capital Markets is serving as the sole book-runner, with standard over-allotment provisions allowing for an additional $30 million in capital raise. This represents the third SPAC from this management team (as indicated by "III" in the name), suggesting experience with the SPAC structure and potentially established relationships for target acquisition identification.

For investors, this represents a specialized vehicle to gain exposure to blockchain infrastructure in emerging markets without directly investing in individual projects or cryptocurrencies—effectively outsourcing target identification to a team with stated expertise in these domains.

FT. LAUDERDALE, Fla., Aug. 26, 2025 (GLOBE NEWSWIRE) -- CSLM Digital Asset Acquisition Corp III, Ltd (the “Company”), a newly organized special purpose acquisition company formed as a Cayman Islands exempted company, today announced the pricing of its initial public offering of 20,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. The units are expected to trade on The Nasdaq Global Market (“Nasdaq”) under the ticker symbol “KOYNU” beginning on August 27, 2025. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be traded on Nasdaq under the symbols “KOYN” and “KOYNW,” respectively.

CSLM Digital Asset Acquisition Corp III is led by Chairman and Chief Financial Officer Vik Mittal and Chief Executive Officer Charles T. Cassel III. The SPAC is further supported by a distinguished board of directors that shares CSLM’s vision, including Jonathan M. Binder, Brian Rudick, Danel Calvillo Armendariz, Dr. Jim Kyung-Soo Liew, Christopher Bradley, and Mathew August.

The SPAC plans to target businesses that are not only well-positioned for long-term, sustainable growth in the digital asset space, but also strategically positioned to capitalize on the global adoption of blockchain and distributed ledger technologies. The core focus will be on companies operating in “new economy sectors” within Frontier Growth Markets that are building critical infrastructure such as wallets, custody solutions, exchanges, data protocols, and tokenized financial instruments, as well as real-world applications in payments, DeFi, and cross-border finance. Through this strategy, leveraging the management team’s decades-long track record in emerging markets and their affiliation with Consilium Investment Management and Meteora Capital, the SPAC aims to generate long-term value while advancing the global digital asset ecosystem and infrastructure development in high-growth markets.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC is acting as sole book-running manager for the offering.

The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on August 28, 2025, subject to customary closing conditions.

A registration statement relating to the securities sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 26, 2025. The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, 3 Columbus Circle, 24th Floor, New York, NY 10019, or by email at capitalmarkets@cohencm.com, or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

CSLM Digital Asset Acquisition Corp III, Ltd

CSLM Digital Asset Acquisition Corp III, Ltd is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, the Company intends to focus on companies operating in the “new economy sectors,” which we broadly define as those in technology, financial services, or media and that are located in Frontier Growth Markets.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact:

Vik Mittal
CSLM3@meteoracapital.com

FAQ

What is the IPO price and structure for CSLM Digital Asset Acquisition Corp III (KOYNU)?

The SPAC is offering 20 million units at $10.00 per unit, with each unit containing one Class A ordinary share and one-half warrant exercisable at $11.50 per share.

When will KOYNU stock begin trading on Nasdaq?

KOYNU units will begin trading on Nasdaq on August 27, 2025. The Class A shares and warrants will later trade separately under symbols KOYN and KOYNW.

What is CSLM Digital Asset Acquisition Corp III's investment focus?

The SPAC targets businesses in the digital asset space and blockchain infrastructure, focusing on new economy sectors within Frontier Growth Markets, including wallets, custody solutions, exchanges, and DeFi applications.

Who are the key executives leading CSLM Digital Asset Acquisition Corp III?

The SPAC is led by Chairman and CFO Vik Mittal and CEO Charles T. Cassel III, with support from a board including Jonathan M. Binder, Brian Rudick, and other distinguished members.

How much additional capital can be raised through the over-allotment option?

The underwriter has a 45-day option to purchase up to 3 million additional units, potentially raising an extra $30 million if fully exercised.