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CSLM Acquisition Corp. (CSLM0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, with the company reporting a net loss of $132,909 for the three months ended September 30, 2024. This was primarily due to legal and accounting expenses, insurance expenses, and interest expenses, offset by dividends on marketable securities held in the Trust Account.
For the nine months ended September 30, 2024, the company reported a net income of $437,633, mainly due to dividends on marketable securities and covenant fees, offset by expected credit losses and various expenses.
CSLM Acquisition Corp. is a blank check company incorporated in the Cayman Islands, aiming to effectuate a business combination. As of September 30, 2024, the company had not commenced any operations.
The company completed its Initial Public Offering on January 18, 2022, raising gross proceeds of $189,750,000. Concurrently, it completed a private sale of 7,942,500 private placement warrants, generating additional gross proceeds of $7,942,500.
A total of $191,647,500 from the IPO and private placement was placed in a trust account, with funds to be released upon completion of a business combination or other specified events.
On January 22, 2024, CSLM entered into a Merger Agreement with Fusemachines Inc., with plans to merge and have Fusemachines as a wholly owned subsidiary. An amendment to the Merger Agreement was made on August 27, 2024, to re-domicile the company to Delaware.
The company has faced substantial doubt regarding its ability to continue as a going concern due to liquidity needs and ongoing costs. Management plans to address this through related party loans and completing a business combination.
CSLM's financial statements indicate a working capital deficit of $3,547,994 as of September 30, 2024, excluding marketable securities held in the Trust Account and deferred underwriter commissions liability.
The company has extended the time to complete a business combination multiple times, with the latest extension allowing until December 18, 2024, following deposits into the Trust Account.
CSLM is subject to risks associated with early-stage and emerging growth companies, including economic uncertainties and market volatility, which could impact its ability to complete a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CSLM Acquisition Corp. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.