Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 278

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 278
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 the Company does not consummate a business combination,
the note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

Liquidity and Going Concern Consideration

As of December 31, 2024, the Company had $5,303
in its operating bank account, and a working capital deficit of $5,573,504, 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.

59

As of December 31, 2024, there was approximately
$4,773,208 of borrowings outstanding and $240,000 of related administrative fees owed to the Sponsor under the following promissory notes:

●During the year ended December 31, 2022, the Company 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 is outstanding under the 2022 Notes.

●On January 18, 2023, the Company issued an unsecured promissory
note (the “2023 Note”) in the amount of $230,000 to the Sponsor. The proceeds of the 2023 Note was used for general working
capital purposes. The 2023 Note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s
Business Combination or (ii) the date