Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 121

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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30, 2023, the Company issued the Extension Note to the Sponsor. The Sponsor funded the initial principal amount of $450,000 on January 30, 2023. The Extension Note does not bear interest and matures upon closing of the Company’s Business Combination. In the event that the Company does not consummate a Business Combination, the Extension Note will be repaid only from amounts remaining outside of the Trust Account, if any. The proceeds of the Extension Note was deposited in the Trust Account. At the election of the payee, $1,270,000 of the total principal amount of the Extension Note may be converted, in whole or in part, at the option of the lender into warrants of the Company at a price of $1.50 per warrant, which warrants will be identical to the Private Placement Warrants issued to the Sponsor at the time of the IPO of the Company. As of June 30, 2025 and December 31, 2024, $2,951,000 is outstanding under this Extension Note.

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    On January 30, 2024, the Company issued the 2024 Note in the amount of $1,660,000, which was amended on June 5, 2025, to increase the principal amount by $590,000 from $1,660,000 to $2,250,000 to the Sponsor. Unless otherwise set forth in the amendment, all other provisions of the 2024 Note remain in full force and effect. The 2024 Note does not bear interest and matures upon closing of the Business Combination. In the event that the Company does not consummate a Business Combination, the 2024 Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of June 30, 2025 and December 31, 2024, $1,685,000 and $1,365,000 is outstanding under the 2024 Note, respectively.

We cannot provide any assurance that new financing
along the lines detailed above will be available to us on commercially acceptable terms, if at all. Further, we have until the Termination
Date to consummate a Business Combination, but we cannot provide assurance that we will be able to consummate a Business Combination by
that date. If a Business Combination is not consummated by the required date, there will be a mandatory liquidation and subsequent dissolution.
In connection with the Company’s assessment