Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 999

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 999
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 will vote together as a single class on all matters submitted to a vote of the Company’s shareholders,
with each share of ordinary shares entitling the holder to one vote.

F-23

Note 8 — Fair Value Measurements

The following table presents information about
the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 and 2023, and indicates
the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

    Description 
    Level  
    December 31, 2024  
    Level  
    December 31, 2023 
  
    Liabilities 

    Public Warrant Liability 
    2  
    $165,333  
     2  
    $196,332 
  
    Private Placement Warrant Liability 
    2  
    $87,467  
     2  
    $103,867 

The warrants are accounted for as liabilities
in accordance with ASC 815-40 and are presented within warrant liability on the balance sheets. The warrant liabilities are measured at
fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liability
in the statements of operations.

The Company established the initial fair value
for the public warrants on January 29, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model, and for the private
placement warrants on January 29, 2021, using a Black-Scholes model. As of December 31, 2024 and 2023, the fair value of the private placement
warrants was valued utilizing the quoted market price of the public warrants, and the fair value of the public warrants by reference to
the quoted market price of the public warrants. The public warrants and private placement warrants were classified as Level 3 at the initial
measurement date. There were no transfers among fair value hierarchy during the year ended December 31, 2024 and 2023. The public warrants
are classified as Level 2 due to the lack of trading activity as of the reporting date. The estimated fair value of the public warrants
transferred from a Level 1 measurement to a Level 2 fair value measurement during the year ended December 31, 2023 was $196,332.

Note 9 — Segment Information 

ASC Topic 280, “Segment Reporting,”
establishes standards