Company: CSTAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044280
Chunk: 22

Company: Constellation Acquisition Corp I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 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 March 31, 2025 and December 31, 2024, 64,302 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.

The Class A ordinary shares subject to possible redemption reflected
on the balance sheets as of March 31, 2025 and December 31, 2024 are reconciled in the following table:

    Class A ordinary shares subject to possible redemption as of December 31, 2023 
    $49,857,596 
  
    Plus: 

    Accretion of carrying value to redemption value 
     1,936,948 
  
    Less: 

    Redemptions 
     (23,671,533)
  
    Class A ordinary shares subject to possible redemption as of December 31, 2024 
    $28,123,011 
  
    Plus: 

    Accretion of carrying value to redemption value 
     98,916 
  
    Less: 

    Redemptions 
     (27,428,399)
  
    Class A ordinary shares subject to possible redemption as of March 31, 2025 
    $793,528 

Income Taxes

ASC 740 prescribes a recognition threshold and
a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized