Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 599

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 2
Chunk 599
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issory 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 interest and is
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 December 31, 2024 and 2023,
$227,208 is outstanding under the 2022 Notes.

●On January 18, 2023, the Company issued an unsecured promissory
note (the “2023 Note”) in the amount of $230,000 to the Sponsor. The proceeds of the 2023 Note was used for general working
capital purposes. The 2023 Note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s
Business Combination or (ii) the date that the winding up of the Company is effective. A failure to pay the principal 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 2023 Note may be accelerated. At the election of the Sponsor, all or a portion of the unpaid principal amount of the
2023 Note may be converted into warrants of the Company, at a price of $1.50 per warrant, each warrant exercisable for one Class A ordinary
share of the Company. The warrants shall be identical to the private placement warrants issued to the Sponsor at the time of the Company’s
IPO. As of December 31, 2024 and 2023, $230,000 is outstanding under this 2023 Note.

●On January 30, 2023, the Company issued an unsecured promissory
note, in the amount of $3,000,000 to the Sponsor (the “Extension Note”). The Sponsor funded the initial principal amount
of $450,000 on January 30, 2023. The Extension Note