Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 5

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 5
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 2025 Extension Amendment Proposal and the Founder Share Amendment Proposal at the 2025 Shareholder
Meeting and on January 28, 2025, the Company filed the 2025 Articles Amendment with the Registrar of Companies of the Cayman Islands.

In connection with the vote to approve the 2025 Extension Amendment
Proposal and the Founder Share Amendment Proposal, the holders of 2,303,382 Class A ordinary shares properly exercised their right to
redeem their shares for cash at a redemption price of approximately $11.91 per share, for an aggregate redemption amount of approximately
$27,428,399. After the satisfaction of such redemptions and receipt of the initial deposit of $5,000 to the Trust Account, the balance
in the Trust Account was approximately $778,970.65 and there are 7,664,302 Class A ordinary shares outstanding, of which 64,302 Class
A ordinary shares are held by the Company’s public shareholders.

Business Combination

Our amended and restated memorandum and articles of association require
that our Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80%
of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding
the amount of any deferred underwriting discount). We refer to this as the 80% net assets test. If our board is not able to independently
determine the fair market value of the target business or businesses or we are considering a Business Combination with an affiliated
entity, we will obtain an opinion from an independent investment banking firm or an independent valuation or accounting firm with respect
to the satisfaction of such criteria. Our shareholders may not be provided with a copy of such opinion nor will they be able to rely
on such opinion.

While we consider it unlikely that our board will not be able to make
an independent determination of the fair market value of a target business or businesses, our board may be unable to do so if our board
is less familiar or experienced with the target company’s business, there is a significant amount of uncertainty as to the value
of the company’s assets or prospects, including if such company is at an early stage of development, operations or growth, or if
the anticipated transaction involves a complex financial analysis or other specialized skills and the board determines that outside expertise
would be helpful or necessary in conducting such analysis. Since any opinion, if obtained, would merely state that the