Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 238

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 238
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 agreement, the trustee is not permitted to invest in other securities or assets.
By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses
for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to
avoid being deemed an “investment company” within the meaning of the Investment Company Act. The IPO is not intended for persons
who are seeking a return on investments in government securities or investment securities. The Trust Account is intended as a holding
place for funds pending the earliest to occur of either: (i) the completion of our Business Combination; (ii) the redemption of any public
shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares
redeemed in connection with our Business Combination or to redeem 100% of our public shares if we do not complete our Business Combination
by the Termination Date, (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-Business
Combination activity, and (iii) the redemption of our public shares if we have not consummated an initial business by the Termination
Date. If we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed
to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for
which we have not allotted funds and may hinder our ability to complete a Business Combination. If we do not complete our Business Combination
within the required time period, our public shareholders may receive only approximately $10.00 per public share, or less in certain circumstances,
on the liquidation of our Trust Account and our warrants will expire worthless.

37

In the adopting release for the SPAC Rules (as defined below), the
SEC provided guidance that a SPAC’s potential status as an “investment company” depends on a variety of factors, such
as a SPAC’s duration, asset composition, business purpose and activities and “is a question of facts and circumstances”
requiring individualized analysis. If we were deemed to be subject to the Investment Company Act, compliance with these additional regulatory
burdens would require additional expenses for which we have not allotted funds and may hinder our