Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 204

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 204
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 our public shareholders
vote.

Our Sponsor owned, on an as-converted basis, 20% of our issued and
outstanding ordinary shares immediately following the completion of our initial public offering. On January 27, 2025, we held the 2025
Shareholder Meeting to, in part, amend our amended and restated memorandum and articles of association to extend the date by which we
have to consummate a Business Combination. In connection with that vote, the holders of 2,303,382 Class A ordinary shares of the Company
properly exercised their right to redeem their shares. Accordingly, our initial shareholders currently own, on an as-converted basis,
approximately 99.16% of our outstanding ordinary shares. Our Sponsor and members of our team also may from time-to-time purchase Class
A ordinary shares prior to the completion of our Business Combination. Our amended and restated memorandum and articles of association
provides that, if we seek shareholder approval, we will complete our Business Combination only if we receive approval pursuant to an ordinary
resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company.

The ability of our public shareholders to redeem their
shares for cash may make our financial condition unattractive to potential Business Combination targets, which may make it difficult for
us to enter into a Business Combination with a target.

We may seek to enter into a Business Combination transaction agreement
with a prospective target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. If too many
public shareholders exercise their redemption rights, we would not be able to meet such closing condition and, as a result, would not
be able to proceed with the Business Combination. Consequently, if accepting all properly submitted redemption requests would cause our
net tangible assets to be less than such amount necessary to satisfy a closing condition as described above, we would not proceed with
such redemption and the related Business Combination and may instead search for an alternate Business Combination. Prospective targets
will be aware of these risks and, thus, may be reluctant to enter into a Business Combination transaction with us.

18

The ability of our public shareholders to exercise redemption
rights with respect to a large number of our shares may not allow us to complete the most desirable Business Combination or optimize our
capital structure.

At the time we enter into an agreement for our Business Combination,
we will not know how many shareholders may exercise their redemption