Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 119

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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, the Company’s Public
Warrants and Units started trading on the OTCID. The main difference between OTCID and OTCQB is that securities listed on the OTCID undergo
additional quality review and have different listing standards than those on the OTCQB, although all are tiers of the OTC Markets. The
trading symbols for the Public Warrants and Units remained the same.

The transition to OTCID from OTCQB of the Company’s
Public Warrants and Units did not affect the Company’s business operations, its relationships with partners or employees or its
current SEC reporting obligations.

On September 8, 2025, Jindalee Lithium Limited,
an Australian public company listed on the Australian Securities Exchange, announced that Jindalee and the Company had entered into a
non-binding term sheet related to a business combination between the Company and HiTech Minerals, Inc., a Nevada corporation and wholly-owned
subsidiary of Jindalee.

Liquidity and Going Concern Consideration

As of September 30, 2025, the Company had $8,808
in its operating bank account, and a working capital deficit of $6,546,604, net of the convertible promissory note – related party.
Convertible promissory note - related party amounting to $3,181,000 is not expected to be settled out of the current assets.

Our liquidity needs to date have been satisfied
through loans from the Sponsor to cover for certain operating expenses. In addition, in order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated
to, provide the Company working capital loans.

As of September 30, 2025, there was approximately
$5,198,208 of borrowings outstanding and $330,000 of related administrative fees owed to the Sponsor under the following promissory notes:

    ●
    During the
    period ended December 31, 2022, the Company issued the 2022 Notes totaling $258,780 to certain executive officers and affiliates
    of the Company. The proceeds of the 2022 Notes was used for general working capital purposes. The 2022 Notes bear no interest and
    is payable in full upon the earlier to occur of (i) the Termination Date or (ii) the consummation of the Company’s Business
    Combination. Failure to pay the