Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 419

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 419
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 issued a number of unsecured
promissory notes (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 principals
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 2022 Notes may be accelerated. As of December 31, 2024 and 2023, $227,208 were outstanding under
the 2022 Notes.

On January 30, 2024, we issued an unsecured promissory note in the
amount of up to $1,660,000 to our Sponsor (the “2024 Note”). The 2024 Note was issued in connection with advances the Sponsor
may make to the Company for contributions to the Company’s Trust Account in connection with the Extension and other expenses reasonably
related to its business and the consummation of the Business Combination. The 2024 Note bears no interest and is due and payable upon
the Business Combination. As of December 31, 2024, $1,365,000 was outstanding under the 2024 Note.

In addition, in order to finance transaction costs in connection with
an intended Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not
obligated to, loan us funds as may be required. If we complete a Business Combination, we may repay such loaned amounts out of the proceeds
of the Trust Account released to us. In the event that the Business Combination does not close, we may use a portion of the working capital
held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up
to $1,500,000 of such loans may be convertible into warrants at a price of $1.50 per warrant at the option of the lender. The warrants
would be identical to the private placement warrants, including as to exercise price, exercisability and exercise period. The terms of
such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect