Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 237

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 237
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 warrant to purchase one share, thus
making us, we believe, a more attractive merger target for target businesses. Nevertheless, this unit structure may cause our units to
be worth less than if it included a warrant to purchase one whole share.

36

Risks Relating to Regulatory Compliance Requirements

If we are deemed to be an
investment company under the Investment Company Act, we may be required to instituteburdensome compliance requirements and our
activities may be restricted, which may make it difficult for us to complete our Business Combination.

If we are deemed to be an investment company under the Investment Company
Act, our activities may be restricted, including:

●restrictions on the nature of our investments; and

●restrictions on the issuance of securities, each of which
may make it difficult for us to complete our Business Combination.

In addition, we may have imposed upon us burdensome requirements, including:

●registration as an investment company with the SEC;

●adoption of a specific form of corporate structure; and

●reporting, record keeping, voting, proxy and disclosure requirements,
and other rules and regulations that we are currently not subject to.

In order not to be regulated as an investment company under the Investment
Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing,
reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning, holding or trading “investment
securities” constituting more than 40% of our assets (exclusive of U.S. government securities and cash items) on an unconsolidated
basis. Our business will be to identify and complete a Business Combination and thereafter to operate the post-Business Combination business
or assets for the long term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan
to buy unrelated businesses or assets or to be a passive investor.

We do not believe that our anticipated principal activities will subject
us to the Investment Company Act. To this end, the proceeds held in the Trust Account may only be invested in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money
market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S.
government treasury obligations. Pursuant to the trust