Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 255

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 255
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as the Termination Date nears, which is the deadline for our consummation of a Business Combination.

46

Our team may not be able to maintain control of a target
business after our Business Combination. Upon the loss of control of a target business, new management may not possess the skills, qualifications
or abilities necessary to profitably operate such business.

We may structure our Business Combination so that the post-Business
Combination company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target
business, but we will only complete such Business Combination if the post- Business Combination company owns or acquires 50% or more of
the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for us
not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does
not meet such criteria. Even if the post-Business Combination company owns 50% or more of the voting securities of the target, our shareholders
prior to the completion of our Business Combination may collectively own a minority interest in the post-Business Combination company,
depending on valuations ascribed to the target and us in the Business Combination. For example, we could pursue a transaction in which
we issue a substantial number of new Class A ordinary shares in exchange for all of the outstanding capital stock, shares or other equity
interests of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial
number of new Class A ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our issued
and outstanding Class A ordinary shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine
their holdings resulting in a single person or group obtaining a larger share of the company’s shares than we initially acquired.
Accordingly, this may make it more likely that our team will not be able to maintain control of the target business.

Risks Relating to Corporate Governance

We do not have a specified maximum redemption threshold.
The absence of such a redemption threshold may make it possible for us to complete our Business Combination with which a substantial majority
of our shareholders do not agree.

Our amended and restated memorandum and articles of association will
not provide a specified maximum redemption threshold. As a result, we may be able to complete our Business Combination even though a substantial
majority of our