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CSLM ACQUISITION CORP.

CSLM · Nasdaq · formerly Consilium Acquisition Corp I, Ltd.

Trust settledFusemachines Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Bitcoin Infrastructure (Gentry Ryan), listed on Nasdaq in January 2022.
What it's doing now
It agreed in July 2025 to buy Fusemachines Inc., an AI and enterprise software company providing AI talent solutions and products company. The deal valued that business at about $200M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Fusemachines Inc.
Industry
AI and enterprise software company providing AI talent solutions and products
Deal value
$200M
announced 3 July 2025
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
14 January 2022
size not on file · 101.0% of each $10 unit into trust
Headquarters
C/O WALKERS CORPORATE LIMITED, GEORGE TOWN, GRAND CAYMAN, 0000
Lead underwriter
not extracted from the prospectus yet
Key officers
Binder Jonathan (Chairman) · Cassel Charles T. III (CEO and CFO) · Ghori Faisal (Chief Operating Officer)
Listed securities
CSLM common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Shares already handed backthe filing does not state a pre-event share count

At the 28 July 2025 event.

0001213900-25-076682opens on sec.gov in a new tab

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

8 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 14 July 2025Shares handed backpassed0001213900-25-076682opens on sec.gov in a new tab

    redemption rate not stated in the filing

  2. 28 July 2025Shares handed backpassed0001213900-25-076682opens on sec.gov in a new tab

    redemption rate not stated in the filing

  3. 14 October 2025Deal votepassed0001213900-25-096176opens on sec.gov in a new tab
Show the earlier 5 milestones
  1. 14 January 2022IPOpassed

    IPO size not on file

  2. 18 August 2024Extension votepassed0001193125-24-199158opens on sec.gov in a new tab
  3. 18 August 2024Shares handed backpassed0001193125-24-260915opens on sec.gov in a new tab

    redemption rate not stated in the filing

  4. 3 July 2025Deal announcedpassed

    Combination with Fusemachines Inc.

  5. 14 July 2025Deal votepassed0001193125-25-144883opens on sec.gov in a new tab

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

Who has already taken their money back

3 filed events

Each time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.

Worst single event

—

no filing states a pre-event share count

Shares redeemed, all events

3.87M

across every filed redemption event

Every figure below is stated in the linked filing; nothing here is estimated.

Show the other 2 cash-out events

The score

deterministic, from filed fields

CSLM is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

CSLM Acquisition Corp. was a blank-check company that priced its initial public offering on January 14, 2022, and later completed a business combination resulting in successor registrant Fusemachines Inc. (FUSE). The company's common stock traded on the OTC market under the ticker CSLMF, and it was assigned SEC CIK 0001875493 and SIC industry code 7373.

The IPO was conducted under SEC file number 333-261570, pursuant to S-1 registration statement 0001213900-21-064438, with the registrant describing itself as a blank-check company in its 424B4 prospectus. The completion of the business combination was established by an 8-K filed on October 29, 2025, in which Fusemachines Inc. reported the acquisition under item 2.01.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEF 14A3 October 20250001213900-25-096176opens on sec.gov in a new tab

    Semi-monthly rather than monthly extension increments to a date just two months out signals the board expects a resolution imminently or not at all. Prior redemptions of 14,202,813 public shares have already emptied most of the trust, and 4,743,749 Class A shares issued to the sponsor in July 2023 mean converted founder stock now sits alongside the remaining public float. Redemption at trust remains the certain exit.

  • DEFM14A3 July 20250001193125-25-155514opens on sec.gov in a new tab

    A merger agreement amended twice across eighteen months, with the proxy already contemplating a further extension meeting, tells holders the Fusemachines transaction has repeatedly failed to close on schedule. The sponsor surrendering its Class B share for no consideration is unusual and reduces founder dilution, but 9,487,500 warrants remain outstanding against the new company. Redemption at the trust value remains available before the vote.

  • DEF 14A24 June 20250001193125-25-144883opens on sec.gov in a new tab

    CSLM has now extended past the sponsor's contractual extension right, which expired in October 2024, so each further period requires a fresh shareholder vote - and the company would return in October 2025 for another two months. With 14,202,813 public shares already redeemed the trust is heavily depleted, so the remaining holders are a small group repeatedly asked to wait. Redemption at trust remains available at each vote.

  • DEF 14A8 August 20240001193125-24-196234opens on sec.gov in a new tab

    The extension is being sought on the very day the SPAC would otherwise have to liquidate, giving up to eleven further months. The NTA proposal is the item that costs public holders protection: dropping the $5,000,001 net tangible asset floor lets the company honour redemptions that would otherwise be blocked, but it also removes the penny-stock exclusion the charter relied on, so the remaining vehicle can shrink to almost nothing in trust while still pursuing a deal. Holders who redeem receive their pro rata trust share, less up to $100,000 of interest reserved for dissolution expenses.

  • DEF 14A26 June 20230001193125-23-175239opens on sec.gov in a new tab

    The proposal replaces a $1,897,500 deposit obligation, worth ten cents a share per quarter, with fifteen months of extension on terms the notice does not price — the sponsor gains time while the trust stops accreting from deposits. Fifteen one-month periods approved at once also eliminates fourteen future redemption windows. Redeeming at this meeting is the point at which CSLM holders can still take the accumulated trust value on their own timing.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

  • 8-K16 October 20250001213900-25-099555opens on sec.gov in a new tab
  • 8-K6 October 20250001213900-25-096545opens on sec.gov in a new tab
  • DEF 14A3 October 20250001213900-25-096176opens on sec.gov in a new tab

    What changed: CSLM Acquisition Corp. called an extraordinary general meeting for 11:00 a.m. Eastern Time on October 14, 2025, with a physical location at 2400 E. Commercial Boulevard, to extend by special resolution from the October 18, 2025 Current Termination Date on a semi-monthly basis until December 18, 2025. Failing that, CSLM must cease operations and within ten business days redeem 100% of the public Class A ordinary shares at the trust amount including interest, less up to US$100,000 of interest for dissolution expenses and net of income taxes. Why it matters: Semi-monthly rather than monthly extension increments to a date just two months out signals the board expects a resolution imminently or not at all. Prior redemptions of 14,202,813 public shares have already emptied most of the trust, and 4,743,749 Class A shares issued to the sponsor in July 2023 mean converted founder stock now sits alongside the remaining public float. Redemption at trust remains the certain exit.

    What changed vs 2025-06-24deadline 2025-10-18 → 2025-12-18
    combination deadline1 moved
    Combination deadline
    2025-10-182025-12-18

    SpacBrain reads this as 61 days later than the previous record.

    The clause …““ Trust Account ”), allowing the Company to extend the Combination Period to December 18, 2025 on a semi-monthly basis. For ☐ Against ☐ Abstain ☐ 3. Adjournment Proposal — A proposal to approve by ordinary resolution that the”…

    Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

  • PRE 14A19 September 20250001213900-25-089554opens on sec.gov in a new tab
  • SCHEDULE 13G8 September 20250001905106-25-000054opens on sec.gov in a new tab
Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.10

from 424B4 0001213900-22-002200

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Services-Computer Integrated Systems Design (7373)
Registered innot stated in SEC submissions
Exchange · CIKNasdaq · 0001875493

All filings on EDGARopens on sec.gov in a new tab

FormerlyConsilium Acquisition Corp I, Ltd.

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

8 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

38 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail5 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

CSLM — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7373 (Services-Computer Integrated Systems Design). The screen found it by filing SHAPE instead — S-1 2021-12-09 → 8-A12B 2022-01-12 → 424B4 2022-01-14 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7373 + self-described blank check in 424B4 0001213900-22-002200; 424B 0001213900-22-002200 priced 2022-01-14 under S-1 0001213900-21-064438 (file 333-261570, an offering for cash); common ticker CSLM off 10-Q 0001193125-23-142196 (2023-05-11); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-261570, which belongs to S-1 0001213900-21-064438 (2021-12-09) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2022-01-14). Ending PROVEN, not inferred: CLOSED per 8-K 0001493152-25-019927 (2025-10-29) — the successor registrant Fusemachines Inc. (FUSE) (CIK 0002033383) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "CSLM ACQUISITION CORP." — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Consilium Acquisition Sponsor I, LLC" (SEC CIK 0001875487) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-22-001824.

Deal — Fusemachines Inc.
DEAL-TARGET2025-07-03

AI-extracted target (z-ai/glm-5.2, conf 0.95)

BACKFILL2026-08-26

target recovered for a completed de-SPAC

PROFILE-STUB2026-08-26

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

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