CSLM Acquisition Corp is a SPAC with no operations, revenue, or employees beyond a small management team. CSLM raised ~$190M in its January 2022 IPO and placed those proceeds in a trust account while management searched for an acquisition target. CSLM has identified its target: Fusemachines, a Delaware-based company that provides enterprise AI products, solutions, and AI education programs. CSLM signed a merger agreement with Fusemachines in January 2024 at an implied equity value of $200M; if the deal closes, the combined entity will trade publicly under the Fusemachines name. The trust account has been substantially depleted by redemptions — roughly 75% of public shareholders redeemed ~$149M at the June 2023 shareholder meeting, with another ~$3.4M redeemed in August 2024. CSLM has been borrowing from its sponsor via a promissory note to fund monthly extension deposits and working capital. The deal structure includes a PIPE investment of ~$8.84M and ~$6.5M in convertible notes from the sponsor directly to Fusemachines. Nasdaq delisted CSLM in January 2025 for failing to complete a business combination within 36 months of its IPO, and CSLM's securities now trade OTC. The current deadline to close the Fusemachines merger is July 18, 2025; if the deal does not close, CSLM will liquidate and distribute trust assets to public shareholders, and all warrants will expire worthless.