Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 557

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 557
---
    $49,857,596 
  
    Plus: 

    Accretion of carrying value to redemption value 
     1,936,948 
  
    Less: 

    Redemptions 
     (23,671,533)
  
    Class A ordinary shares subject to possible redemption as of December 31, 2024 
    $28,123,011 

Income Taxes

ASC 740 prescribes a recognition threshold and
a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.
There were no unrecognized tax benefits as of December 31, 2024 and 2023. The Company’s management determined that the Cayman Islands
is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax
benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2024 and 2023. The
Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from
its position. The Company has been subject to income tax examinations by major taxing authorities since inception.

The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.
The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next
twelve (12) months.

Net Loss per Ordinary Share

The Company complies with accounting and disclosure requirements of
the Financial Accounting Standards Board ASC Topic 260, “Earnings Per Share.” Net loss per ordinary share is computed by dividing
net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture.
The Company has not considered the effect of the warrants sold in the IPO and the private placement to purchase an aggregate of 15,800,000
Class A ordinary shares (the “Private Placement”) in the calculation of diluted net loss per ordinary share, since the exercise
of the warrants are contingent upon the occurrence of future events. As a result, diluted net loss per ordinary share is the same as