Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 40

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 40
---
 number of ordinary shares issued and outstanding upon completion of the IPO, plus (ii) the sum
of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination,
excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued,
deemed issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor,
officers and directors or any of their affiliates upon conversion of Working Capital Loans. In no event will the Class B ordinary shares
convert into Class A ordinary shares at a rate of less than one to one.

Holders of the Class A ordinary shares and holders
of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders,
with each share of ordinary shares entitling the holder to one vote.

Note 8 — Fair Value Measurements

The following table presents information about
the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 and December 31,
2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

    Description 
    Level  
    September 30, 2025  
    Level  
    December 31, 2024 
  
    Liabilities 

    Public Warrant Liability 
     2  
    $929,995  
     2  
    $165,333 
  
    Private Placement Warrant Liability 
     2  
    $492,000  
     2  
    $87,467 

The warrants are accounted for as
liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the condensed balance sheets. The warrant
liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in
fair value of warrant liability in the unaudited condensed statements of operations.

The Company established the initial fair value
for the Public Warrants on January 29, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model, and for the Private
Placement Warrants on January 29, 2021, using a Black-Scholes