Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 388

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 388
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 loss of approximately
$248,000, which included a loss from operations of approximately $1,600,000, partially offset by interest earned on investments held in
the Trust Account of approximately $1,300,000 and a gain from the change in fair value of warrant liabilities of approximately $47,000.

For the year ended December 31, 2023, we had a net loss of approximately
$3,600,000, which included interest earned on investments held in the Company’s Trust Account of approximately $3,000,000 and a
gain from the change in fair value of warrant liabilities of approximately $200,000, partially offset by a loss from operations of $3,560,000.

Contractual Obligations

We do not have any long-term debt obligations, capital lease obligations,
operating lease obligations, purchase obligations or long-term liabilities.

Registration Rights

The initial shareholders and holders of the private placement warrants
will be entitled to registration rights pursuant to a registration rights agreement. The initial shareholders and holders of the private
placement warrants will be entitled to make up to three demands, excluding short form registration demands, that register such securities
for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their
securities in other registration statements filed by us. We will bear the expenses incurred in connection with the filing of any such
registration statements.

Underwriting Agreement

We paid an underwriting discount of 2% of the per Unit offering price,
or approximately $6,200,000 in the aggregate at the closing of the Initial Public Offering, and agreed to pay the Deferred Underwriting
Fees (as defined below) of 3.5% of the gross offering proceeds, or approximately $10,850,000 in the aggregate upon the Company’s
completion of an Initial Business Combination (the “Deferred Underwriting Fees”). The Deferred Underwriting Fees will become
payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its initial Business
Combination.

61

Critical Accounting Estimates

This management’s discussion and analysis of our financial condition
and results of operations is based on our financial statements, which have been prepared in accordance with GAAP. The preparation of these
financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and
expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate