v3.26.1
Reverse Recapitalization (Tables)
 12 Months Ended
Dec. 31, 2025
Reverse Recapitalization  
Schedule of Overall Voting Interest on Closing Date

The overall voting interest on closing date is summarized below:

 

Particulars  Shares   %Ownership 
Shares held by Fusemachines Inc. Stockholders   14,864,110    52%
Shares held by CSLM public stockholders, Sponsor, and related parties of Sponsor   12,654,921    45%
Shares held by unrelated third parties   831,000    3%
Total   28,350,031    100%
Schedule of Reverse Recapitalization

 

Particulars  Shares 
Partial conversion of the 3rd Amended and Restated Promissory Note into Fusemachines Inc. common stock on the Closing Date   408,639 
CSLM Class A ordinary Shares not redeemed for cash and converted into Fusemachines Inc. common stock   901,955 
Automatic exercise of the rights related to 18,975,000 units issued in CSLM’s Initial Public Offering   1,897,486 
Shares issued in connection with the PIPE Financing   1,184,000 
Conversion of non-redeemable CSLM Class A & Class B Ordinary Shares into Fusemachines Inc. common stock   4,743,749 
Share issued to Consilium Frontier Equity Fund in connection with conversion of convertible note on the closing date   3,320,241 
Total shares of Fusemachines Inc. common stock issued to CSLM security holders   12,456,071 
Conversion of Legacy Fusemachines convertible notes (as adjusted by the Exchange Ratio)   1,976,050 
Conversion of Legacy Fusemachines convertible preferred stock into common stock in connection with the reverse Recapitalization (as adjusted by the Exchange Ratio)   5,950,673 
Shares issued to Legacy Fusemachines stockholders (as adjusted by the Exchange Ratio)   7,967,237 
Total shares of Fusemachines Inc. common stock outstanding immediately after the Merger   28,350,031 
Schedule of Fund Flow Reconciliation

 

Particulars

 

(Amount In Thousands)

 
Trust balance as of Closing date   11,118 
Proceeds from CSLM loan   2,193 
PIPE Proceeds   11,840 
Transfer of cash & cash equivalent of CSLM   9 
Total Available Cash (A)   25,160 
CSLM transaction costs   (2,249)
Payment of Director & Officer insurance premium   (131)
Prepayment under Forward Purchase Agreement   (11,005)
Settlement of sponsor convertible note of CSLM   (2,343)
Total Payments as of the closing date (B)   (15,728)
Funds going to Fusemachines Inc. (classified under financing activities under Consolidated Statements of Cash Flows) (A+B)   9,432 
Operating assets assumed   531  
Operating liabilities assumed   (1,100)
Initial fair value of forward purchase derivative liability   (8,616)
Issuance of share subscription receivable   11,005 
Initial fair value of equity classified warrant   (1,009) 
Legacy Fusemachines transaction cost   

(1,873

) 
Others   137 
Net equity impact of reverse recapitalization   8,507