CSLM Digital Asset III (NASDAQ: KOYNU) to trade shares and warrants separately

Rhea-AI Filing Summary

CSLM Digital Asset Acquisition Corp III, Ltd reports that investors in its recently completed IPO can soon trade the securities from its units separately. The company previously completed an IPO of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000, with each unit containing one Class A ordinary share and one-half of one redeemable warrant.

Effective September 19, 2025, holders may elect to separate their units so that the Class A ordinary shares trade on Nasdaq under the symbol KOYN and the warrants trade under KOYNW, while any units that remain combined will continue to trade under KOYNU. Only whole warrants will trade, and holders must instruct their brokers to work with the transfer agent to complete the separation.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

September 16, 2025

Date of Report (Date of earliest event reported)

CSLM DIGITAL ASSET ACQUISITION CORP III, LTD

(Exact Name of Registrant as Specified in its Charter)

000-00000

Cayman Islands		N/A00-0000000
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

2400 E. Commercial Boulevard, Suite 900 Ft. Lauderdale, FL		33308
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (954) 315-9381

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant		KOYNU		The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share		KOYN		The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share		KOYNW		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

Separate Trading of Units, Ordinary Shares and Warrants

As previously disclosed, on August 28, 2025, CSLM Digital Asset Acquisition Corp III, Ltd (the “Company”) consummated its initial public offering (the “IPO”), which consisted of 23,000,000 units (the “Units”), including 3,000,000 Units issued pursuant to the full exercise by the underwriters of their over-allotment option. Each Unit consists of one Class A ordinary share, $0.0001 par value (“Class A Ordinary Share”) and one-half of one redeemable warrant of the Company (each, a “Warrant”), with each whole Warrant entitling the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share (subject to adjustment). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $230,000,000.

On September 16, 2025, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing that the holders of the Units may elect to trade Class A Ordinary Shares and the Warrants comprising the Units separately commencing on September 19, 2025. Those Units not separated will continue to trade on the Nasdaq Global Market (“Nasdaq”) under the symbol “KOYNU,” and the Class A Ordinary Shares and Warrants that are separated will trade on the Nasdaq under the symbols “KOYN” and “KOYNW,” respectively. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. Holders of the Units will need to instruct their brokers to contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, to separate their Units into Class A Ordinary Shares and Warrants.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release dated September 16, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 16, 2025

	CSLM DIGITAL ASSET ACQUISITION CORP III, LTD
	By:	/s/ Vikas Mittal
	Name:	Vikas Mittal
	Title:	Chief Financial Officer

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FAQ

What did CSLM Digital Asset Acquisition Corp III, Ltd (KOYNU) announce in this 8-K?

The company announced that holders of its IPO units may begin trading the underlying Class A ordinary shares and redeemable warrants separately starting September 19, 2025. Units that are not separated will continue to trade as combined units on Nasdaq.

How large was the CSLM Digital Asset Acquisition Corp III, Ltd IPO related to KOYNU?

The IPO consisted of 23,000,000 units, including 3,000,000 units from the full exercise of the underwriters’ over-allotment option. The units were sold at $10.00 per unit, generating gross proceeds of $230,000,000.

What does each KOYNU unit of CSLM Digital Asset Acquisition Corp III, Ltd contain?

Each unit consists of one Class A ordinary share with a par value of $0.0001 and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment.

What are the Nasdaq trading symbols for CSLM Digital Asset Acquisition Corp III, Ltd securities?

The units trade on Nasdaq under the symbol KOYNU. After separation, the Class A ordinary shares will trade under KOYN, and the warrants will trade under KOYNW. Units that are not separated will remain trading as KOYNU.

When can CSLM Digital Asset Acquisition Corp III, Ltd unit holders begin separate trading of KOYN and KOYNW?

Separate trading of the Class A ordinary shares (KOYN) and warrants (KOYNW) may commence on September 19, 2025, as announced in the company’s press release dated September 16, 2025.

Will fractional warrants be issued when KOYNU units of CSLM Digital Asset Acquisition Corp III, Ltd are separated?

No. The company states that no fractional warrants will be issued upon separation of the units, and only whole warrants will trade on Nasdaq.

What must CSLM Digital Asset Acquisition Corp III, Ltd (KOYNU) unit holders do to separate their securities?

Holders of the units must instruct their brokers to contact Continental Stock Transfer & Trust Company, the transfer agent, to separate their units into individual Class A ordinary shares and warrants.