Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 101

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 “Founder Shares”). On December 23, 2020, such 8,625,000 shares of the Company’s Class
B ordinary shares were transferred to the Sponsor for $25,000. The Founder Shares included an aggregate of up to 1,125,000 shares subject
to forfeiture if the over-allotment option was not exercised by the underwriters in full. On January 29, 2021, the underwriters partially
exercised their over-allotment option, hence, 250,000 Founder Shares were no longer subject to forfeiture, and on March 1, 2021, the remaining
875,000 Founder Shares were forfeited by the Sponsor.

The Sponsor, officers and directors have agreed
not to transfer, 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,