Filed by CSLM Digital Asset Acquisition Corp
III, Ltd.
pursuant to Rule 425 under the U.S. Securities
Act of 1933, as amended
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934,
as amended
Subject Company: CSLM Digital Asset Acquisition
Corp III, Ltd.
Commission File No.: 001-42818
Date: October 7, 2026
On October 6, 2026, Absolute Return Podcast
published a podcast on its social platform regarding First Digital Group Ltd. (“First Digital”), which is a party to a definitive
business combination agreement, dated as of October 6, 2026 (the “Business Combination Agreement”), with CSLM Digital Asset
Acquisition Corp III, Ltd. (“KOYN”). The title, description, and links to the podcast are set forth below:
First Digital’s Founder Joins KOYN’s
Co-CEO to Trace the Path From Hong Kong Trust Company to
Stablecoin Issuer
Vincent Chok and Vikas Mittal sit down with
Julian Klymochko on the Absolute Return Podcast to discuss First
Digital’s origins, the future of stablecoins, and agentic payments
Vincent Chok, Founder and Chief Executive Officer
of First Digital, and Vikas Mittal, Co-Chief Executive Officer of KOYN, joined host Julian Klymochko on a podcast recorded on September
14, 2026 and now available to listeners. The three had a spirited discussion on how First Digital was formed, including how Mr. Chok’s
background in traditional trust and custody and his early interest in blockchain technology led him into digital assets. Mr. Chok explained
how stablecoins have grown beyond crypto trading into payments and trade settlement, and how agentic payments, where AI agents transact
using stablecoins, may fit into that evolution. The conversation also covered First Digital’s business model, including its segregated
reserve structure and how interest rates affect its revenue, and how it approaches competing outside the U.S. market with its stablecoin,
FDUSD. Mr. Mittal also commented on the proposed business combination between KOYN and First Digital.
Listen to the full episode:
Spotify: https://open.spotify.com/episode/2ohQF4kuHsQGqNIUGqt4kl
X: https://x.com/JulianKlymochko/status/2107612625215639914?s=20
Linkedin: https://lnkd.in/p/gkKyaTFm
IMPORTANT LEGAL INFORMATION
Additional Information and Where to Find
It
KOYN and First Digital have entered into a definitive
Business Combination Agreement, dated as of October 6, 2026, with respect to a proposed business combination. In connection with the proposed
business combination, KOYN or a newly formed holding company will prepare and file a registration statement on Form S-4 with the U.S.
Securities and Exchange Commission (the “SEC”), which will include a proxy statement/prospectus. KOYN urges investors and
securityholders to read the proxy statement/prospectus and other documents filed with the SEC when they become available, as they will
contain important information regarding the proposed business combination. The proxy statement will be distributed to holders of KOYN’s
Class A Ordinary Shares in connection with KOYN’s solicitation of proxies for the vote by KOYN’s shareholders with respect
to the proposed business combination and other matters as will be described therein. All SEC filings will be available free of charge
at www.sec.gov.
No assurances can be provided as to the timing
of, or that the parties will consummate, the proposed business combination. The proposed business combination is subject to the satisfaction
of the closing conditions set forth in the Business Combination Agreement, including board and shareholder approvals, regulatory approvals
and other customary conditions.
Participants in the Solicitation
KOYN, First Digital, and their respective directors,
officers, and employees may be deemed participants under SEC rules in the solicitation of proxies in connection with the proposed business
combination. Information about KOYN’s directors and officers is available in KOYN’s SEC filings. Additional details regarding
the interests of persons involved in the proposed business combination will be included in the proxy statement/prospectus when it becomes
available.
Forward-Looking Statements
All information in this communication concerning
First Digital has been provided solely by First Digital and has not been independently verified by KOYN, which makes no representation
or warranty as to the accuracy or completeness of such information and assumes no obligation to update the information in this communication,
except as required by law. This communication includes “forward-looking statements” with respect to KOYN and First Digital.
The expectations, estimates, and projections of the businesses of First Digital and KOYN may differ from their actual results and consequently,
you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,”
“project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,”
“may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements include, without
limitation, expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the
satisfaction of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business
combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ
materially from the expected results.
Factors that may cause such differences include,
but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the
Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement
of the proposed business combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed business
combination, including due to failure to obtain approval of the shareholders of KOYN and First Digital or other conditions to closing;
(4) the inability to obtain or maintain the listing of the combined company’s securities on the Nasdaq Stock Market LLC, the New
York Stock Exchange, or another national securities exchange following the proposed business combination; (5) the risk that the proposed
business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination;
(6) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (7) costs related
to the proposed business combination; (8) changes in applicable laws or regulations; and (9) other risks and uncertainties included in
documents filed or to be filed with the SEC by KOYN, First Digital and the combined company.
The foregoing list of factors is not exclusive.
You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. KOYN and First Digital
do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements
to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based,
except as required by law. Past performance by KOYN and First Digital is not a guarantee of future performance. Therefore, you should
not place undue reliance on the historical record of the performance of KOYN and First Digital as indicative of future performance of
an investment or the returns that KOYN and First Digital will, or are likely to, generate going forward.
No Offer or Solicitation
This communication shall not constitute a solicitation
of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities
in any jurisdiction where such offer, solicitation, or sale would be unlawful under the securities laws of any such jurisdiction.
About First Digital Group Ltd.
First Digital is a leading digital asset and stablecoin
infrastructure provider, offering fully backed USD-denominated stablecoins, trust and custody services, global payment solutions, and
white-label stablecoin issuance for enterprises. Its flagship product, FDUSD, is one of the world’s most traded stablecoins, supported
by a compliance-first governance model, segregated trust structure, and monthly independent attestations. First Digital operates across
multiple jurisdictions and maintains active licenses and registrations in key financial centers.
About CSLM Digital Asset Acquisition Corp
III, Ltd.
KOYN is a publicly traded special purpose acquisition
company focused on high-growth, frontier-technology sectors including digital assets, regulated financial infrastructure, and next-generation
fintech. KOYN is led by an experienced SPAC team with a track record of sourcing, executing, and stewarding complex public-market transactions.
Media & Investor Contacts
Vikas Mittal | CSLM Digital Asset Acquisition
Corp III, Ltd.
info@koynspac.com
