Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 31

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 31
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 to devote as much of their time as they deem necessary
to our affairs until we have completed our Business Combination. The amount of time they will devote in any time period will vary based
on whether a target business has been selected for our Business Combination and the stage of the Business Combination process we are in.
We do not intend to have any full-time employees prior to the completion of our Business Combination.

Item 1A. Risk Factors

An investment in our securities involves a high degree of risk.
You should consider carefully all of the risks described below, together with the other information contained in this Annual Report, before
making a decision to invest in our securities. If any of the following events occur, our business, financial condition and operating results
may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part
of your investment.

Risks Relating to Liquidity and Going Concern

Our independent registered public accounting firm’s
report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.”

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

The Company is within 12 months of its mandatory liquidation as of
the time of filing. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards
Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”
the liquidity condition and mandatory liquidation raise substantial doubt about the Company’s ability to continue as a going concern
until the earlier of the consummation of the Business Combination or the Termination Date.

The financial statements contained elsewhere in this Annual Report
do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be
necessary should the Company be unable to continue as a going concern.

17

As such, management plans to consummate a Business Combination prior
to the mandatory liquidation date. Further, we have incurred and expect to continue to incur significant costs in pursuit of our finance
and acquisition plans. If the Company’s estimates of the costs of identifying a target business, undertaking in-depth due diligence
and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available
to operate its business prior to a Business Combination. Moreover