Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 2187

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 16
Chunk 2187
---
 Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but
no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans
may be convertible into warrants of the post-Business Combination company at a price of $1.50 per warrant at the option of the lender.

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 will be 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 that the winding up of the Company is effective. A failure to pay the principal
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 2023 Note may be accelerated. At the election of the Sponsor, all or a portion of the unpaid principal
amount of the 2023 Note may be converted into warrants of the Company, at a price of $1.50 per warrant, each warrant exercisable for one
Class A ordinary share of the Company. The warrants shall be identical to the private placement warrants issued to the Sponsor at the
time of the Company’s IPO. As of December 31, 2024 and 2023, $230,000 is outstanding under this 2023 Note.

As disclosed in the definitive proxy statement
filed by the Company with the SEC on December 30, 2022 relating to the Extension Meeting, the Sponsor agreed that if the 2023 Extension
Amendment Proposal is approved, it or one or more of its affiliates, members or third-party designees will contribute to the Company as
a loan, within ten (10) business days of the date of the Extension Meeting, $450,000, to be deposited into the Trust Account. In addition,
in the event the Company does not consummate an initial Business Combination by