Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 565

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 565
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 to exchange their ordinary shares for cash, securities or other property.

Promissory Note — Related Party

In November 2020, the Company issued an unsecured
promissory note to an executive officer of the Company. This loan was non-interest bearing, unsecured and due at the earlier of December
31, 2021 or the closing of the IPO. On December 31, 2020, the amount borrowed under the note was $1,300. During the period from January
1, 2021 to January 28, 2021, an additional $88,540 was borrowed under the promissory note, and on January 29, 2021, the balance of
$89,840 repaid in full from the proceeds of the IPO, and is no longer available to be drawn upon.

On February 23, 2021, the Company issued an unsecured
promissory note (the “2021 Note”) in the amount of up to $699,999 to certain affiliates of the Old Sponsor. The proceeds
of the 2021 Note, which may be drawn down from time to time until the Company consummates its initial Business Combination, will be used
for general working capital purposes.

The 2021 Note bears 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. A
failure to pay the principal within five business days of the date specified above or the commencement of a voluntary or involuntary bankruptcy
action shall be deemed an event of default, in which case the 2021 Note may be accelerated. The affiliates of the Sponsor had the option
to convert any unpaid balance of the 2021 Note into private placement warrants (the “Conversion Warrants”), each warrant exercisable
for one ordinary share of the Company at an exercise price of $1.50 per share. The terms of the Conversion Warrants would be identical
to the warrants issued by the Company to affiliates of the Sponsor in a private placement that was consummated in connection with the
Company’s IPO. The affiliates of the Sponsor shall be entitled to certain registration rights relating to the Conversion Warrants.
On May 3, 2021, the 2021 Note was amended to remove the option to convert any unpaid balance of the 2021 Note into private placement warrants. As
of December 31, 2024 and 202