CSLMW
CSLM Acquisition Corp. Warrant
stock NASDAQ

**Due Diligence #79 - CSLM Acquisition Corp → Fusemachines AI Merger**
As requested from the discussions few days ago. Here you go! Obviously do your own due diligence before making any decision. This is just information for those that requested it.
**SPAC:** CSLM Acquisition Corp | **Target:** Fusemachines Inc. (Enterprise AI products & solutions) | **Announced:** Jan 23, 2024 | **Implied Equity Value:** \~$200M at signing | **Expected Post-Close Ticker:** FUSE (Nasdaq) | 
**Current Trading:** CSLMF (commons), CSLWF (warrants) , CSLRF (Rights)  \[OTC\]
What is Fusemachines?
Fusemachines develops enterprise AI software and services, including AI “studio” tools, engines, and implementation services, designed to automate workflows and enhance decision-making for large organizations. Operating on a products-plus-solutions model, they focus on rapid adoption and scalable deployment rather than purely offering AI staffing.
Their work extends into healthcare, where they’ve built custom ASR (Automatic Speech Recognition) and NLU (Natural Language Understanding) models that transform physicians’ spoken notes into structured EHR data. These models classify information such as Strength, Range of Motion, and Reflexes and insert structured findings into the EHR in JSON format, streamlining documentation and reducing manual entry.
As a practicing physician, I can attest to the value of this technology; turning hours of patient conversations into accurate notes is one of the most time-consuming parts of the day, and automation in this area is a game changer.
[Figure 1. Dr.Sameer Maskey CEO of Fusemachines](https://preview.redd.it/jlrqburx7mif1.jpg?width=1600&format=pjpg&auto=webp&s=1cfc3f71059bd10920b76c9fcd10d7f8c9958408)
# Background Dr.Sameer Maskey CEO
**Professional Highlights:**
* Founder & CEO of Fusemachines, a decade-old enterprise AI company delivering AI products, solutions, and education initiatives across industries.
* Adjunct Associate Professor at Columbia University, where he teaches courses such as Statistical Methods for Natural Language Processing and Programming for Entrepreneurs.
* Former researcher at IBM Watson Research Center, working on speech-to-speech translation and NLP algorithms.
* Grew up in Kathmandu, Nepal; earned undergraduate degrees in Mathematics and Physics from Bates College, then earned his PhD in Computer Science (AI/ML) from Columbia University.
* Founded Fusemachines in 2013 with a mission to “democratize AI,” focusing on global access particularly underserved communities via AI education, talent programs, and technology deployment.
**Academic & Research Contributions:**
* Published 20+ peer-reviewed articles and holds 15 U.S. patents.
* Active in academic and industry conferences, serving as a session chair, program committee, and reviewer for events like ACL, HLT, NAACL, ICASSP, and COLING.
**Recognition & Impact:**
* Named Best AI Company CEO at the AI Breakthrough Awards 2023, a global honor recognizing leadership in AI innovation.
* His leadership raises national pride, especially as a Nepali-origin CEO leading Fusemachines toward a proposed Nasdaq listing, a “pivotal milestone” for initiatives rooted in Kathmandu.
* In interviews, he emphasizes themes like how accuracy gains in AI models (e.g., 10–20%) can significantly boost ROI for enterprise clients.

[Figure 2. Leadership Team Panel A](https://preview.redd.it/419jcdsmjmif1.png?width=1434&format=png&auto=webp&s=36cbfe0f7ae1a8973242172d9a280c5749d7adb9)
[Figure 3. Leadership Team Panel B](https://preview.redd.it/7fuuspupjmif1.png?width=1432&format=png&auto=webp&s=47029e48f39c72dc36ed19e61edb17215a1d2873)
# Deal Overview
**Structure:** Business combination between CSLM and Fusemachines. Upon close, ticker changes to FUSE on Nasdaq (pending shareholder and regulatory approval). **Reg Filings:** CSLM filed an S-4/proxy for the deal. **Extensions:** SPAC deadline extended via monthly trust deposits in 2024 to allow time to finalize the deal. **Financing Support:** Meteora Capital entered a Forward Purchase Agreement for up to 3M Class A shares
# Valuation & Capital
**Equity Value:** \~$200M at announcement. **Funding at Close:** Combination of SPAC trust (net of redemptions), FPA proceeds, and any additional financings disclosed in amendments.
# Why This Could Work
1. Sector Tailwind: Enterprise AI adoption is accelerating across multiple industries.
2. Platform + Services Model: Enables stickier client relationships and potential expansion revenue.
3. De-SPAC Support: Meteora FPA could reduce volatility at close.
[Figure 2. Their theme is to Democratize AI](https://preview.redd.it/rrtmr7n58mif1.png?width=2400&format=png&auto=webp&s=6ad6ea07e185ef9f4179ab529fb2e34c5b45c23c)
# Key Risks
**Deal Risk:** Requires shareholder approval, regulatory clearance, and meeting Nasdaq listing rules. **Redemption Risk:** High redemptions could impact available cash and float. **Execution Risk:** Competitive AI landscape makes ARR growth critical.
# Catalysts to Watch
S-4/Proxy effectiveness | Shareholder vote date | Closing date + Ticker change to FUSE | First public guidance post-listing
# Tickers & Trading
**Common:** CSLMF (OTC) → FUSE (Nasdaq at close) | **Warrants/Rights:** Initially listed as CSLMW and CSLMR on Nasdaq; now OTC. 
OTC tickers:
CSLMF (commons), CSLWF (warrants) , CSLRF (Rights) 
SEC filings before trading. | **Units:** CSLMU (historical)
# Peer Context
Fusemachines is more comparable to enterprise AI solutions providers than to pure-play AI infrastructure companies. Key metrics to watch: ARR growth, gross margins, client retention.
**Similar Public Companies**
* [C3.ai](http://C3.ai) — Enterprise AI applications across multiple industries, with strong partnerships like Microsoft Azure.
* Pegasystems — AI-driven workflow automation, low-code development, and customer engagement tools.
* OpenText — Enterprise software provider with ECM, BPM, analytics, and cloud-native AI capabilities.
* Unisys — IT services and systems integration, with offerings in AI, cloud, and enterprise infrastructure.
* NICE Ltd. — AI-powered customer experience software and full-service automation platforms.
**Similar Private Companies / Startups**
* Decagon — AI for customer support and language model-powered tools.
* Cohere — Enterprise language models and AI developer services.
* Turing — AI-powered developer sourcing and workflow tools.
* Abridge — Generative AI for clinical transcription and EHR documentation.
* Cohere Health — AI-driven healthcare authorization and clinical workflow automation.
* CodaMetrix — AI for automated medical coding and revenue cycle management.
* Coram AI — AI security agents and automation for enterprise environments.

That is all!
# References
1. [https://www.sec.gov/Archives/edgar/data/0001829126/000121390024005094/ea191011-425\_cslmacq.htm](https://www.sec.gov/Archives/edgar/data/0001829126/000121390024005094/ea191011-425_cslmacq.htm)  — SEC Form 425 — CSLM/Fusemachines Transaction Announcement (Jan 23, 2024)
2. [https://www.fusemachines.com/news/fusemachines-to-list-on-nasdaq-through-merger-with-cslm-acquisition-corp/](https://www.fusemachines.com/news/fusemachines-to-list-on-nasdaq-through-merger-with-cslm-acquisition-corp/)  — Fusemachines Press Release — Deal Announcement & Company Overview
3. [https://www.sec.gov/Archives/edgar/data/0001967393/000121390024096682/ea196694-s4\_cslmacq3.htm](https://www.sec.gov/Archives/edgar/data/0001967393/000121390024096682/ea196694-s4_cslmacq3.htm)  — S-4 Filing — CSLM Holdings, Inc. (Filed Dec 5, 2024)
4. [https://spacinsider.com/2024/01/23/cslm-acquisition-corp-to-merge-with-fusemachines/](https://spacinsider.com/2024/01/23/cslm-acquisition-corp-to-merge-with-fusemachines/)—  SPACInsider — CSLM/Fusemachines Deal Terms & Expected Ticker
5. [https://www.sec.gov/Archives/edgar/data/0001829126/000121390025058343/ea207455-8k\_cslmacq.htm](https://www.sec.gov/Archives/edgar/data/0001829126/000121390025058343/ea207455-8k_cslmacq.htm)  — Meteora Forward Purchase Agreement — 8-K Summary (July 31, 2025)
6. [https://www.marketwatch.com/press-release/cslm-acquisition-corp-announces-extension-of-business-combination-deadline-2024-06-17](https://www.marketwatch.com/press-release/cslm-acquisition-corp-announces-extension-of-business-combination-deadline-2024-06-17)  — MarketWatch — CSLM SPAC Deadline Extensions & Trust Deposits
7. [https://www.otcmarkets.com/stock/CSLMF/overview](https://www.otcmarkets.com/stock/CSLMF/overview)  — OTC Markets — CSLMF, CSLMW, CSLMR Trading Status

**Due Diligence #79 - CSLM Acquisition Corp → Fusemachines AI Merger**
As requested from the discussions few days ago. Here you go! Obviously do your own due diligence before making any decision. This is just information for those that requested it.
**SPAC:** CSLM Acquisition Corp | **Target:** Fusemachines Inc. (Enterprise AI products & solutions) | **Announced:** Jan 23, 2024 | **Implied Equity Value:** \~$200M at signing | **Expected Post-Close Ticker:** FUSE (Nasdaq) | 
**Current Trading:** CSLMF (commons), CSLWF (warrants) , CSLRF (Rights)  \[OTC\]
What is Fusemachines?
Fusemachines develops enterprise AI software and services, including AI “studio” tools, engines, and implementation services, designed to automate workflows and enhance decision-making for large organizations. Operating on a products-plus-solutions model, they focus on rapid adoption and scalable deployment rather than purely offering AI staffing.
Their work extends into healthcare, where they’ve built custom ASR (Automatic Speech Recognition) and NLU (Natural Language Understanding) models that transform physicians’ spoken notes into structured EHR data. These models classify information such as Strength, Range of Motion, and Reflexes and insert structured findings into the EHR in JSON format, streamlining documentation and reducing manual entry.
As a practicing physician, I can attest to the value of this technology; turning hours of patient conversations into accurate notes is one of the most time-consuming parts of the day, and automation in this area is a game changer.
[Figure 1. Dr.Sameer Maskey CEO of Fusemachines](https://preview.redd.it/jlrqburx7mif1.jpg?width=1600&format=pjpg&auto=webp&s=1cfc3f71059bd10920b76c9fcd10d7f8c9958408)
# Background Dr.Sameer Maskey CEO
**Professional Highlights:**
* Founder & CEO of Fusemachines, a decade-old enterprise AI company delivering AI products, solutions, and education initiatives across industries.
* Adjunct Associate Professor at Columbia University, where he teaches courses such as Statistical Methods for Natural Language Processing and Programming for Entrepreneurs.
* Former researcher at IBM Watson Research Center, working on speech-to-speech translation and NLP algorithms.
* Grew up in Kathmandu, Nepal; earned undergraduate degrees in Mathematics and Physics from Bates College, then earned his PhD in Computer Science (AI/ML) from Columbia University.
* Founded Fusemachines in 2013 with a mission to “democratize AI,” focusing on global access particularly underserved communities via AI education, talent programs, and technology deployment.
**Academic & Research Contributions:**
* Published 20+ peer-reviewed articles and holds 15 U.S. patents.
* Active in academic and industry conferences, serving as a session chair, program committee, and reviewer for events like ACL, HLT, NAACL, ICASSP, and COLING.
**Recognition & Impact:**
* Named Best AI Company CEO at the AI Breakthrough Awards 2023, a global honor recognizing leadership in AI innovation.
* His leadership raises national pride, especially as a Nepali-origin CEO leading Fusemachines toward a proposed Nasdaq listing, a “pivotal milestone” for initiatives rooted in Kathmandu.
* In interviews, he emphasizes themes like how accuracy gains in AI models (e.g., 10–20%) can significantly boost ROI for enterprise clients.

[Figure 2. Leadership Team Panel A](https://preview.redd.it/419jcdsmjmif1.png?width=1434&format=png&auto=webp&s=36cbfe0f7ae1a8973242172d9a280c5749d7adb9)
[Figure 3. Leadership Team Panel B](https://preview.redd.it/7fuuspupjmif1.png?width=1432&format=png&auto=webp&s=47029e48f39c72dc36ed19e61edb17215a1d2873)
# Deal Overview
**Structure:** Business combination between CSLM and Fusemachines. Upon close, ticker changes to FUSE on Nasdaq (pending shareholder and regulatory approval). **Reg Filings:** CSLM filed an S-4/proxy for the deal. **Extensions:** SPAC deadline extended via monthly trust deposits in 2024 to allow time to finalize the deal. **Financing Support:** Meteora Capital entered a Forward Purchase Agreement for up to 3M Class A shares
# Valuation & Capital
**Equity Value:** \~$200M at announcement. **Funding at Close:** Combination of SPAC trust (net of redemptions), FPA proceeds, and any additional financings disclosed in amendments.
# Why This Could Work
1. Sector Tailwind: Enterprise AI adoption is accelerating across multiple industries.
2. Platform + Services Model: Enables stickier client relationships and potential expansion revenue.
3. De-SPAC Support: Meteora FPA could reduce volatility at close.
[Figure 2. Their theme is to Democratize AI](https://preview.redd.it/rrtmr7n58mif1.png?width=2400&format=png&auto=webp&s=6ad6ea07e185ef9f4179ab529fb2e34c5b45c23c)
# Key Risks
**Deal Risk:** Requires shareholder approval, regulatory clearance, and meeting Nasdaq listing rules. **Redemption Risk:** High redemptions could impact available cash and float. **Execution Risk:** Competitive AI landscape makes ARR growth critical.
# Catalysts to Watch
S-4/Proxy effectiveness | Shareholder vote date | Closing date + Ticker change to FUSE | First public guidance post-listing
# Tickers & Trading
**Common:** CSLMF (OTC) → FUSE (Nasdaq at close) | **Warrants/Rights:** Initially listed as CSLMW and CSLMR on Nasdaq; now OTC. 
OTC tickers:
CSLMF (commons), CSLWF (warrants) , CSLRF (Rights) 
SEC filings before trading. | **Units:** CSLMU (historical)
# Peer Context
Fusemachines is more comparable to enterprise AI solutions providers than to pure-play AI infrastructure companies. Key metrics to watch: ARR growth, gross margins, client retention.
**Similar Public Companies**
* [C3.ai](http://C3.ai) — Enterprise AI applications across multiple industries, with strong partnerships like Microsoft Azure.
* Pegasystems — AI-driven workflow automation, low-code development, and customer engagement tools.
* OpenText — Enterprise software provider with ECM, BPM, analytics, and cloud-native AI capabilities.
* Unisys — IT services and systems integration, with offerings in AI, cloud, and enterprise infrastructure.
* NICE Ltd. — AI-powered customer experience software and full-service automation platforms.
**Similar Private Companies / Startups**
* Decagon — AI for customer support and language model-powered tools.
* Cohere — Enterprise language models and AI developer services.
* Turing — AI-powered developer sourcing and workflow tools.
* Abridge — Generative AI for clinical transcription and EHR documentation.
* Cohere Health — AI-driven healthcare authorization and clinical workflow automation.
* CodaMetrix — AI for automated medical coding and revenue cycle management.
* Coram AI — AI security agents and automation for enterprise environments.

That is all!
# References
1. [https://www.sec.gov/Archives/edgar/data/0001829126/000121390024005094/ea191011-425\_cslmacq.htm](https://www.sec.gov/Archives/edgar/data/0001829126/000121390024005094/ea191011-425_cslmacq.htm)  — SEC Form 425 — CSLM/Fusemachines Transaction Announcement (Jan 23, 2024)
2. [https://www.fusemachines.com/news/fusemachines-to-list-on-nasdaq-through-merger-with-cslm-acquisition-corp/](https://www.fusemachines.com/news/fusemachines-to-list-on-nasdaq-through-merger-with-cslm-acquisition-corp/)  — Fusemachines Press Release — Deal Announcement & Company Overview
3. [https://www.sec.gov/Archives/edgar/data/0001967393/000121390024096682/ea196694-s4\_cslmacq3.htm](https://www.sec.gov/Archives/edgar/data/0001967393/000121390024096682/ea196694-s4_cslmacq3.htm)  — S-4 Filing — CSLM Holdings, Inc. (Filed Dec 5, 2024)
4. [https://spacinsider.com/2024/01/23/cslm-acquisition-corp-to-merge-with-fusemachines/](https://spacinsider.com/2024/01/23/cslm-acquisition-corp-to-merge-with-fusemachines/)—  SPACInsider — CSLM/Fusemachines Deal Terms & Expected Ticker
5. [https://www.sec.gov/Archives/edgar/data/0001829126/000121390025058343/ea207455-8k\_cslmacq.htm](https://www.sec.gov/Archives/edgar/data/0001829126/000121390025058343/ea207455-8k_cslmacq.htm)  — Meteora Forward Purchase Agreement — 8-K Summary (July 31, 2025)
6. [https://www.marketwatch.com/press-release/cslm-acquisition-corp-announces-extension-of-business-combination-deadline-2024-06-17](https://www.marketwatch.com/press-release/cslm-acquisition-corp-announces-extension-of-business-combination-deadline-2024-06-17)  — MarketWatch — CSLM SPAC Deadline Extensions & Trust Deposits
7. [https://www.otcmarkets.com/stock/CSLMF/overview](https://www.otcmarkets.com/stock/CSLMF/overview)  — OTC Markets — CSLMF, CSLMW, CSLMR Trading Status