Company: CSTAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044280
Chunk: 138

Company: Constellation Acquisition Corp I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 138
---
. The trading symbols for the Class A ordinary shares
and Units remained the same.

The transition to OTC Pink and OTCQB from OTCQX
of the Company’s Class A ordinary shares and Units is not expected to affect the Company’s business operations, its relationships
with partners or employees or its current SEC reporting obligations.

24

On March 27, 2025, the Company drew additional
Extension Funds, as approved by unanimous resolution of the extension committee of the Company’s board of directors, dated March
27, 2025, pursuant to the 2024 Note, which Extension Funds the Company deposited into the Company’s Trust Account for its public
shareholders. This deposit enabled the Company to extend the date by which it must complete its initial Business Combination from March
29, 2025 to April 29, 2025. The Second 2025 Extension was the second of eleven one-month extensions permitted under the Company’s
amended and restated memorandum and articles of association and provides the Company with additional time to complete its initial Business
Combination.

Liquidity and Going Concern Consideration

As of March 31, 2025, the Company had $9,143 in
its operating bank account, and a working capital deficit of $6,003,199, 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 March 31, 2025, there was approximately
$4,973,208 of borrowings outstanding and $270,000 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