Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 1803

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 10
Chunk 1803
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 expense associated with the warrant liability. Offering costs associated with the Class A ordinary shares were charged to temporary
equity upon the completion of the IPO. 

Class A Ordinary Shares Subject to Possible
Redemption

All of the 31,000,000 Class A ordinary
shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares in connection
with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with
the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions
not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity.
Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded
from the provisions of ASC 480. Accordingly, at December 31, 2024 and 2023, 2,367,684 and 4,493,843 Class A ordinary shares subject
to possible redemption were presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance
sheets, respectively.

The Company recognizes changes in redemption value
immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption
value at the end of each reporting period. Increases or decreases in the carrying amount of the Class A ordinary shares subject to possible
redemption are affected by charges against additional paid-in capital and accumulated deficit.

F-14

The Class A ordinary shares subject to possible
redemption reflected on the balance sheets as of December 31, 2024 and 2023 are reconciled in the following table:

    Class A ordinary shares subject to possible redemption as of December 31, 2022 
    $314,517,268 
  
    Less: 

    Redemptions 
     (269,485,746)
  
    Plus: 

    Accretion of carrying value to redemption value 
     4,826,074 
  
    Class A ordinary shares subject to possible redemption as of December 31, 2023 
    $49,857,596 
  
    Plus: 

    Accretion of carrying value to redemption value 
     1,