Nepali-led Fusemachines to be Listed on the American Stock Exchange

Fusemachines Inc., an enterprise AI solutions provider founded by Nepali origin Dr. Sameer Maskey PhD, is set to be listed on Nasdaq, an American stock exchange.

Fusemachines announced on January 23, 2024, that it has entered into a definitive agreement with CSLM Acquisition Corp, a special purpose acquisition company (SPAC), for a business merger. This business combination is expected to result in Fusemachines becoming a public company.

After the deal is finalized, pending approval from CSLM’s and Fusemachines’ stockholders, and meeting other standard requirements, the new combined company is set to be listed on Nasdaq with the ticker symbol “FUSE.”

The merger, valuing the combined company at $200 million, is expected to be completed by the end of the second quarter of 2024.

In connection with the transaction, CSLM affiliates have committed to invest up to $19.44 million in a mix of new PIPE financing in CSLM and pre-closing financing in Fusemachines that will cover Fusemachines’ working capital needs. CSLM and Fusemachines will entertain additional PIPE financing offers on selective strategic criteria.

Founded in 2013, Fusemachines is an AI (artificial intelligence) company with over a decade of experience, providing AI products and solutions across various industries. Its founder and CEO, Dr. Maskey, an adjunct Associate Professor at Columbia University, is a Kathmandu-originated scientist, educator, and entrepreneur. Before founding Fusemachines, Dr. Maskey had worked at the IBM Watson Research Center.

Headquartered in the USA, Fusemachines enables enterprises to address complex challenges that they face across industries by leveraging cutting-edge technologies to develop products and solutions. With products such as AI Studio and AI Engines along with a global AI talent pool cultivated through the flagship AI Fellowship programs, the organization is uniquely positioned to help customers build industry-specific and problem-specific AI Solutions with high ROI. Fusemachines customers such as TIME and OTG have relied on Fusemachines for many years.

“Being listed on NASDAQ is a pivotal milestone for us and a historical one for any company of Nepalese origin,” said Sameer Maskey, Chief Executive Officer and Founder of Fusemachines.

“Our business combination with CSLM positions us to strategically lead the way in shaping the future of democratizing AI and leaving a lasting impact across industries. The additional capital and financial flexibility from this transaction will empower improved products and fuel growth and expansion.”

Charles Cassel, Chief Executive Officer and Chief Financial Officer of CSLM said, “We have been methodically searching to identify a long-term, co-investment opportunity for our affiliates, and we are very excited to be partnering with Fusemachines. With significant operations in Nepal, their cutting-edge development of AI engines and solutions for US and developed market enterprise clients is precisely the profile that we believe embodies the impact that investors can make and profit from in high growth opportunities available in Frontier and Emerging Markets.”

CSLM Acquisition Corp is a Special Purpose Acquisition Company commonly known as a blank-check company formed to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company such as Fusemachines.

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(Press Release)