Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 887

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 887
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 repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of December
31, 2024, $1,365,000 was outstanding under the 2024 Note.

As of December 31, 2024 and 2023, $1,592,208 and
$227,208 were outstanding under the promissory notes to the Sponsor, respectively.

F-20

Administrative Support Agreement

As of January 26, 2021 the Company had agreed,
commencing on the date that the Securities of the Company were first listed on NYSE, to pay the Sponsor up to $10,000 per month for
office space, utilities and secretarial and administrative support, and other obligations of the Sponsor. Upon completion of the initial
Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For each of the year ended
December 31, 2024 and 2023, the Company recorded $120,000 and $120,000 administrative service fees, respectively. $240,000 and $120,000
are reported as due to related parties in the accompanying balance sheets as of December 31, 2024 and 2023, respectively.

Working Capital Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or any of its affiliates or certain of the Company’s officers and directors may, but are
not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business
Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but
no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans
may be convertible into warrants of the post-Business Combination company at a price of $1.50 per warrant at the option of the lender.

On January 18, 2023, the Company issued an unsecured
promissory note (the “2023 Note”) in the amount of $230,000 to the Sponsor. The proceeds of the 2023 Note