CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN) and First Digital Group Ltd. entered into a definitive business combination agreement on October 6, 2026. The proposed combination is subject to board and shareholder approvals, regulatory approvals and other customary closing conditions; the parties stated they could provide no assurance as to timing or consummation. Vikas Mittal, KOYN’s Co-CEO, cited a $250 million pre-money valuation.
The podcast was recorded September 14, 2026, before the agreement was signed. First Digital founder and CEO Vincent Chok said FDUSD reserves are limited to cash and cash equivalents, including U.S. Treasuries, reverse repos and bank deposits, with maturities of less than 90 days. He said First Digital retains reserve interest, shares revenue with some market-maker and exchange partners, and holds client assets separately from its operating account. KOYN said First Digital-supplied information was not independently verified; the transcript was AI-assisted, and the audio is the authoritative record.
CSLM Digital Asset Acquisition Corp III, Ltd is asking shareholders to approve changing its name to First Digital Acquisition Corp Ltd., a related amendment and restatement of its governing documents, and an adjournment proposal at the November 10, 2026 annual meeting. The name-change and articles proposals each require at least two-thirds of votes cast; the articles amendment is conditioned on approval of the name change. If approved, the company will apply to The Nasdaq Stock Market LLC to change its unit, Class A share and warrant symbols from KOYNU, KOYN and KOYNW to FDGXU, FDGX and FDGXW. The board unanimously recommends “FOR” the name-change and articles proposals and, if presented, the adjournment proposal.
The proposed business combination with First Digital Group Ltd. is not on this meeting’s ballot; the company says shareholders will vote on it at a separate meeting at a later date. Holders of record on October 5, 2026 are eligible to vote; as of that date, 23,891,250 Class A shares and 7,666,667 Class B shares were issued and outstanding. The company states that the name change and related governing-document amendments would not otherwise change its business, management or securityholder rights. If both the name-change and articles proposals pass, the adjournment proposal will not be presented.
CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN) and First Digital Group Ltd. entered into a definitive business combination agreement dated October 6, 2026, for a proposed business combination. Completion is subject to board and shareholder approvals, regulatory approvals and other customary conditions; no assurance is provided as to timing or consummation.
Absolute Return Podcast published an episode on October 6, recorded September 14, featuring Vincent Chok, First Digital’s founder and chief executive officer; Vikas Mittal, KOYN’s co-chief executive officer; and host Julian Klymochko. They discussed First Digital’s formation, stablecoins in payments and trade settlement, agentic payments, its segregated reserve structure and how interest rates affect revenue, FDUSD’s competition outside the U.S., and the proposed combination.
KOYN agreed with First Digital Group Ltd. on October 6, 2026, to a proposed business combination. First Digital would re-domicile from Gibraltar to the Cayman Islands; KOYN would merge into CSLM III Holdings Ltd. (“PubCo”), followed by Merger Sub merging into First Digital, which would become PubCo’s wholly owned subsidiary. Each KOYN Class A or Class B ordinary share would exchange for one PubCo Class A ordinary share; KOYN warrants would convert into PubCo warrants exercisable for one share at $11.50. Each KOYN unit separates into one Class A share and one-half warrant.
Closing requires shareholder approvals, an effective proxy/registration statement, Nasdaq initial listing approval, re-domiciliation and other conditions; the agreement may be terminated if the Acquisition Merger has not closed within six months of October 6, 2026. The proposed incentive plan’s maximum reserve is 10% of the Post-Closing Fully Diluted Share Count, excluding plan-reserved shares. Sponsor terms provide for 1,891,667 Sponsor PubCo shares to be forfeited in exchange for a warrant and 1,891,667 more placed in milestone escrow. Proposed lock-ups run until the earlier of 180 days after closing or a qualifying transaction, with price-based releases possible after at least 120 days.
CSLM Digital Asset Acquisition Corp III, Ltd (KOYN) signed a definitive business combination agreement with First Digital Group Ltd., valuing First Digital at $250 million on a pre-money equity basis. First Digital would continue into the Cayman Islands, KOYN would merge into a new holding company, and the holding company’s subsidiary would then merge into First Digital, which would become its wholly owned subsidiary. Closing is expected in the first half of 2027, subject to shareholder and regulatory approvals, an effective Form F-4 registration statement, Nasdaq listing approval and other conditions; the agreement has no minimum cash condition.
The holding company’s Class A shares would carry one vote each, while First Digital Founder and CEO Vincent Chok would receive Class B shares carrying ten votes each. His milestone-based earn-out shares would be placed in escrow and forfeited if applicable milestones are not met.
As of June 30, 2026, First Digital said FDUSD had recorded more than $4 trillion in cumulative trading volume. Its reserves are backed by cash and cash equivalents, including short-dated U.S. Treasury bills, and receive independent monthly attestations. Finance District does not yet contribute material revenue.
CSLM Digital Asset Acquisition Corp III, Ltd, a Cayman Islands SPAC, reported results for the quarter and six months ended June 30, 2026. The company completed its IPO on August 28, 2025, selling 23,000,000 units at $10.00 each and simultaneously issued 891,250 private units at $10.00, generating gross proceeds of $238.9 million.
As of June 30, 2026, total assets were $240,010,800, including $237,411,325 of U.S. Treasury securities held in a Trust Account and $2,469,590 in cash and cash equivalents outside the trust. There were 23,000,000 Class A ordinary shares subject to redemption, carried at $237,411,325, and total shareholders’ deficit was $(7,482,550).
For the three and six months ended June 30, 2026, the company recorded net income of $1,509,367 and $2,852,544, respectively, driven by $4,157,934 of interest income on the Trust Account, partially offset by operating costs. Working capital was $1,705,532, but management discloses that recurring expenses, the limited cash outside the Trust Account, and the need to complete a business combination within the 24‑month Completion Window raise substantial doubt about its ability to continue as a going concern.
JPMorgan Chase & Co. filed an amended beneficial ownership report for CSLM Digital Asset Acquisition Corp III, Ltd, stating that it beneficially owned 1,167,720 Class A ordinary shares as of June 30, 2026. These shares represent 4.8% of the outstanding Class A ordinary shares.
JPMorgan reports sole voting and sole dispositive power over all 1,167,720 shares, with no shared voting or dispositive power. The filing indicates that the position represents ownership of 5 percent or less of the class. J.P. Morgan Securities LLC is identified as the relevant subsidiary.
CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN) published a Rule 425 communication describing a previously disclosed non-binding letter of intent dated December 2, 2025
The posting states KOYN and First Digital Group Ltd. are in preliminary talks regarding a proposed business combination and notes that a definitive agreement, if reached, would be followed by a Form S-4 registration statement and a proxy statement/prospectus to shareholders. The communication reiterates customary closing conditions, required board and shareholder approvals, regulatory clearances, and that no assurance exists that a transaction will occur.
CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN) published a transcript of a June 7, 2026 interview with CEO Vikas Mittal about a previously disclosed non-binding letter of intent dated December 2, 2025 with First Digital Group Ltd. The discussion covers the LOI, SPAC market evolution, PIPE financing dynamics, sponsor pedigree, counsel selection, and deal execution considerations. The filing reiterates that a definitive agreement may lead to a Form S-4 registration statement and that any transaction remains subject to due diligence, negotiation, board and shareholder approvals, and regulatory clearances.
CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN) disclosed a non-binding letter of intent dated December 2, 2025 with First Digital Group Ltd. regarding a proposed business combination. The filing notes that bloomingbit posted an article on May 14, 2026 about First Digital and that KOYN filed this communication on May 18, 2026.
If a definitive agreement is reached, KOYN or a newly formed holding company will prepare and file a registration statement on Form S-4 containing a proxy statement/prospectus to be distributed to KOYN Class A shareholders. The proposed transaction remains non-binding and is conditioned on due diligence, definitive agreements, board and shareholder approvals, regulatory approvals, and other customary closing conditions.