Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 35

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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secured
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 June 30, 2025 and December 31, 2024, $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 the Articles Extension Date, the Lender may contribute
to the Company $150,000 as a loan to be deposited into the Trust Account for each of nine one-month extensions following the Articles
Extension Date.

Accordingly, on January 30, 2023, the Company issued the Extension Note to the Sponsor. The Sponsor funded the initial principal amount
of $450,000 on January 30, 2023. The Extension Note does not bear interest and matures upon closing of the Company’s initial Business
Combination. In the event that the Company does not consummate a Business Combination, the Extension Note will be repaid only from amounts
remaining outside of the Trust Account, if