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AI brief of an SEC Form 8-K · CSLM Digital Asset Acquisition Corp III, Ltd (KOYN)

KOYN signs $250 million deal to take First Digital public via Nasdaq listing

Neutral Impact 5 of 5 m&a Written later

KOYN, a SPAC, entered a business combination agreement with First Digital Group, the developer of the FDUSD stablecoin and Finance District, valuing First Digital at $250 million on a pre-money equity basis. Closing is expected in the first half of 2027 and requires approval by shareholders of both companies and regulatory approvals, so KOYN shareholders face deal execution risk.

Key points

  • Business combination agreement signed October 6, 2026; First Digital valued at $250 million pre-money equity, with no minimum cash condition
  • First Digital reported approximately $87 million in revenue for the fiscal year ended June 30, 2025
  • Closing expected in the first half of 2027, subject to shareholder, regulatory and Form F-4 effectiveness conditions
  • Non-binding term sheet with Millennial Trading Limited for a $25 million convertible note at a $12.00 conversion price; no assurance it will be finalized

The filing

CompanyCSLM Digital Asset Acquisition Corp III, Ltd (KOYN)
Form8-K, current report
Filed with the SECOct 6, 2026, 9:38 PM ET
Accession number0001829126-26-010827

Items reported: 1.01 Material Definitive Agreement7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 06, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.