Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 219

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 219
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 units will not be traded after completion of our Business
Combination and, in connection with our Business Combination, we will be required to demonstrate compliance with the OTC’s initial
listing requirements, which are more rigorous than the OTC’s continued listing requirements, in order to continue to maintain the
listing of our securities on the OTC. We may not be able to meet those initial listing requirements at that time.

Since we voluntarily delisted our securities from the NYSE and are
now trading on OTC, we could face significant material adverse consequences, including:

●a limited availability of market quotations for our securities; reduced liquidity for our securities;

●a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A
ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading
market for our securities;

●a limited amount of news and analyst coverage; and

●a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a
federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered
securities.” Because our units, Class A ordinary shares and warrants are listed on the OTC, our units, our securities may not qualify
as covered securities under the statute and we may be subject to regulation in each state in which we offer our securities. Although the
states are preempted from regulating the sale of covered securities, the federal statute does allow the states to investigate companies
if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered
securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities
issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably
and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states.

You will not be entitled to protections normally afforded
to investors of many other blank check companies.

Since the net proceeds of the IPO and the sale of the private placement
warrants are intended to be used to complete a Business Combination with a target business that has not been selected, we may be deemed
to be a “blank check” company