Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 25

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 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 September 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 September
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 (“FASB”) 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 shares subject to forfeiture. The Company has not considered the effect of the
warrants sold in the IPO and the private placement to purchase an aggregate of 15,800,000 Class A ordinary shares (the
“Private Placement”) in the calculation of diluted net (loss) income per ordinary share, since the exercise of the
warrants is contingent upon the occurrence of future events. As a result, diluted net (loss) income per ordinary share is the same
as basic net (loss) income per ordinary share for the periods presented.

On January 30, 2024, the Sponsor converted an
aggregate of 7,600,000 Class B ordinary shares into Class A ordinary shares on a one-for-one basis. Following the conversion, a clarifying
distinction is made that one class of share is