If an ACSM file is imported into Calibre as ACSM and not turned into an EPUB or PDF that means there was some error during the fulfillment.
You need to check the debug log (right-click the Preferences icon, choose "Restart in debug mode", import the ACSM, close Calibre, then check the log that opens).
If the error isn't clear from the log output, post it here and I'll take a look.
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