Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 33

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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, assign or sell any of their Founder Shares until the earlier to occur of (i) one year after the date of the consummation
of the initial Business Combination or (ii) subsequent to the initial Business Combination, (x) if the closing price of the Class A ordinary
shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination,
or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that
results in all of the public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

16

Promissory Note — Related Party

During the period ended December 31, 2022, the
Company issued a number of unsecured promissory notes (the “2022 Notes”) totaling $258,780 to certain executive officers and
affiliates of the Company. The proceeds of the 2022 Notes will be used as general working capital purposes. The 2022 Notes bear no interest
and are payable in full upon the earlier to occur of (i) the Termination Date or (ii) the consummation of the Company’s Business
Combination. Failure to pay the principals 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 2022 Notes may be accelerated. As of June 30, 2025
and December 31, 2024, $227,208 were outstanding under the 2022 Notes.

On January 30, 2024, the Company issued an unsecured
promissory note in the principal amount of $1,660,000 (the “2024 Note”), which was amended on June 5, 2025, to increase the
principal amount by $590,000 from $1,660,000 to $2,250,000 to the Sponsor. The 2024 Note does not bear interest and matures upon closing
of the Business Combination. In the event that the Company does not consummate a Business Combination, the 2024 Note will be repaid only
from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. Unless otherwise