Corporate Governance - The company has not established specific minimum qualifications for directors, focusing instead on educational background, professional experience, and integrity [101]. - As of March 31, 2023, there were no delinquent filers among the company's officers and directors [102]. - The company has adopted a code of ethics applicable to its directors, officers, and employees, which is available on its website [103]. - Directors and officers have fiduciary duties under Cayman Islands law, including the duty to act in good faith and avoid conflicts of interest [104]. Business Combinations - The company may pursue initial business combinations with affiliated entities, provided an independent valuation opinion is obtained [117]. - Initial shareholders, directors, and officers have agreed to vote their shares in favor of the initial business combination [119]. - The company has a Trust Account with a deposit of $70,000 for each one-month extension if the initial business combination is not completed by October 18, 2024 [115]. - The company does not believe that fiduciary duties or contractual obligations will materially affect its ability to identify and pursue business combination opportunities [111]. - Directors and officers may negotiate employment agreements with target businesses, potentially leading to conflicts of interest [115]. Related Party Transactions - The company has the right to approve any related party transactions prior to entering into such transactions [1]. - The company had an agreement to pay its sponsor a total of $10,000 per month for office space and administrative services, which has been waived [120]. Compensation and Employment - After the initial business combination, compensation for directors and team members will be disclosed to shareholders, but the exact amounts are currently unknown [121]. - There are no agreements providing benefits upon termination of employment for directors and officers, which may influence management's motivation in selecting target businesses [122]. Regulatory Classification - The company is classified as a smaller reporting company and is not required to provide certain market risk information [72].
silium Acquisition I(CSLM) - 2024 Q4 - Annual Report