Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 93

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 $49,857,596 
  
    Plus: 

    Accretion of carrying value to redemption value 
     1,936,948 
  
    Less: 

    Redemptions 
     (23,671,533)
  
    Class A ordinary shares subject to possible redemption as of December 31, 2024 
    $28,123,011 
  
    Plus: 

    Accretion of carrying value to redemption value 
     121,007 
  
    Less: 

    Redemptions 
     (27,428,399)
  
    Class A ordinary shares subject to possible redemption as of June 30, 2025 
    $815,619 

Income Taxes

ASC 740 prescribes a recognition threshold and
a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.
There were no unrecognized tax benefits as of June 30, 2025 and December 31, 2024. The Company’s management determined that the
Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2025 and December
31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception.

The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.
The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next
twelve (12) months.

Net (Loss) Income per Ordinary Share

The Company complies with accounting and disclosure
requirements of the Financial Accounting Standards Board ASC Topic 260, “Earnings Per Share.” Net (loss) income per ordinary
share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period, excluding
ordinary