Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 51

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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, to increase the principal amount by $590,000 from $1,660,000 to $2,250,000. All other provisions of the 2024 Note remained in full
force and effect.

On June 26, 2025, the Company drew additional
Extension Funds, as approved by unanimous resolution of the extension committee of the Company’s board of directors, dated June
26, 2025, pursuant to the 2024 Note, which Extension Funds the Company deposited into the Company’s Trust Account for its public
shareholders. This deposit enables the Company to extend the date by which it must complete its initial business combination from June
29, 2025 to July 29, 2025. The Fifth 2025 Extension is the fifth 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.
As of June 30, 2025 and December 31, 2024, the Company deposited an aggregate total of $690,000 and $660,000 Extension Funds pursuant
to 2024 Note, respectively.

Liquidity and Going Concern Consideration

As of June 30, 2025, the Company had $4,905 in
its operating bank account, and a working capital deficit of $6,141,635, 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 June 30, 2025, there was approximately $5,093,208
of borrowings outstanding and $300,000 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