Cslm Digita Asset Acq Corp Iii SEC Filings

CSLM Digital Asset Acquisition Corp III (KOYN) filed a communication featuring an interview with First Digital Group CEO Vincent Chok, whose company has a non-binding letter of intent dated December 2, 2025 for a proposed business combination with KOYN. Chok discusses First Digital’s USD-denominated stablecoin business and its work on “agentic payments,” where AI agents autonomously make and receive payments using stablecoins.

He characterizes going public via KOYN as a key milestone that could legitimize First Digital as “the second stablecoin issuer to be public, behind Circle,” and links the move to regulatory clarity under the GENIUS Act. The communication emphasizes that no definitive agreement has been entered, that any transaction would depend on satisfactory due diligence, negotiation of definitive documents, and board, shareholder, and regulatory approvals, and that extensive forward-looking statement risks could cause actual results to differ materially from expectations.

CSLM Digital Asset Acquisition Corp III, Ltd., a special purpose acquisition company, disclosed that on December 2, 2025 it and First Digital Group Ltd., a stablecoin and digital asset infrastructure provider, entered into a non-binding letter of intent for a potential business combination.

The parties emphasized that there is no assurance a definitive agreement will be reached or that any transaction will be completed. Any deal would require completion of due diligence, negotiation and approval of a definitive agreement, board and equity holder approvals, regulatory clearances, and other customary closing conditions. If a definitive agreement is signed, a registration statement on Form F-4 with a proxy statement/prospectus would be filed with the SEC for CSLM shareholders.

CSLM Digital Asset Acquisition Corp III, Ltd filed its quarterly report for the period ended September 30, 2025. The company completed its IPO on August 28, 2025, selling 23,000,000 units at $10.00 each for $230,000,000 in gross proceeds, and placed the funds in a trust. The trust held $230,876,657 in U.S. Treasury Bills as of quarter-end.

The company also sold 891,250 private placement units for $8,912,500. Outside the trust, cash was $3,526,414 with $9,200,000 in deferred underwriting commissions. For Q3, interest income from the trust was $876,657, yielding net income of $91,073; for the nine months, the company recorded a net loss of $1,189. There were 11,500,000 public warrants and 445,625 private placement warrants outstanding.

The filing notes “substantial doubt” about the company’s ability to continue as a going concern absent a business combination within the 24‑month completion window. As of November 12, 2025, Class A ordinary shares outstanding were 23,891,250, and Class B were 7,666,667.

CSLM Digital Asset Acquisition Corp III, Ltd (KOYN) reported an insider filing on Form 3. Officer Ryan Gentry, listed as Co-CEO & CIO, filed an initial statement of beneficial ownership.

The filing states that no securities are beneficially owned. The date of the event requiring the statement is 11/10/2025. The form was filed by one reporting person.

CSLM Digital Asset Acquisition Corp III, Ltd reported executive changes and new consulting arrangements. On November 10, 2025, Charles T. Cassel III resigned as Chief Executive Officer and joined the Board as a Director. The Board appointed Vikas Mittal and Ryan Gentry as Co‑Chief Executive Officers, effective the same day. Mittal continues as Chief Financial Officer and Chairman. The company stated both departures were not due to any disagreement on operations, policies, or practices.

CSLM entered consulting agreements paying $12,500 per month to Gentry and $17,500 per month to Mittal, payable monthly. Each agreement terminates automatically upon completion of a business combination, unless ended sooner per its terms. On November 10, 2025, Jonathan M. Binder also resigned as a Director, with no stated disagreements.