Financial Performance - As of June 30, 2024, the Company had a net income of $422,450 for the three months ended June 30, 2024, primarily from $689,680 in dividends on marketable securities held in the Trust Account[110]. - For the six months ended June 30, 2024, the Company reported a net income of $570,542, which included $1,369,022 in dividends on marketable securities[111]. - The Company had a working capital deficit of $2,834,967 as of June 30, 2024, compared to a deficit of $1,676,487 as of December 31, 2023[115]. Trust Account and IPO - A total of $191,647,500 was placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., from the proceeds of the Initial Public Offering and the sale of Private Placement Warrants[105]. - The Company generated gross proceeds of $189,750,000 from its Initial Public Offering of 18,975,000 units, with each unit sold at a price of $10.00[101]. - The underwriter exercised the over-allotment option in full, purchasing an additional 2,475,000 Units at the Initial Public Offering price, resulting in a cash underwriting discount of $3,795,000[122]. Business Operations and Future Plans - The Company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination[99]. - The Company extended the time to complete a business combination to August 18, 2024, by depositing $70,000 into the Trust Account on July 17, 2024[108]. - The Company has incurred significant costs in pursuit of its financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern within one year from the date the financial statements are issued[117]. Underwriter and Fees - The underwriter of the IPO is entitled to a deferred discount of $0.35 per unit, totaling $6,641,250, which will only be payable if a Business Combination is completed[119]. - The deferred fee for the underwriter amounts to $6,641,250, payable only upon the completion of a Business Combination[122]. Management and Accounting - The founder and CEO of Fusemachines is eligible for a transaction bonus of up to $1,000,000, contingent on the closing cash exceeding $1,000,000[123]. - The Company has not identified any critical accounting estimates that could materially differ from actual results[124]. - The Company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[125]. Shareholder Activity - 14,202,813 Class A shares were tendered for redemption, with shareholders redeeming their shares for $149,486,187, or approximately $10.53 per Class A share[107].
CSLM Acquisition Corp.(CSLMU) - 2024 Q2 - Quarterly Report