Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 705

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 705
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 units is not expected to affect the Company’s business operations,
its relationships with partners or employees or its current SEC reporting obligations.

On March 27, 2025, the Company drew additional Extension Funds, as approved by unanimous resolution of the extension committee of the
Company’s board of directors, dated March 27, 2025, pursuant to the 2024 Note, which Extension Funds the Company deposited into
the Company’s Trust Account for its public shareholders. This deposit enables the Company to extend the date by which it must complete
its initial business combination from March 29, 2025 to April 29, 2025 (the “Second 2025 Extension”). The Second 2025 Extension
is the second of eleven one-month extensions permitted under the Company’s amended and restated memorandum and articles of association
and provides the Company with additional time to complete its initial business combination. The note does not bear interest and matures
upon closing of the Company’s initial business combination. In the event that the Company does not consummate a business combination,
the note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

Liquidity and Going Concern Consideration

As of December 31, 2024, the Company had $5,303
in its operating bank account, and a working capital deficit of $5,573,504, net of the convertible promissory note – related party.
Convertible promissory note - related party amounting to $3,181,000 is not expected to be settled out of the current assets.

Our liquidity needs to date have been satisfied
through loans from the Sponsor to cover for certain operating expenses. In addition, in order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated
to, provide the Company working capital loans.

59

As of December 31, 2024, there was approximately
$4,773,208 of borrowings outstanding and $240,000 of related administrative fees owed to the Sponsor under the following promissory notes:

●During the year 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 was used for general working capital purposes. The 2022 Notes bear no