Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 695

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 695
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 Old Sponsor for the same purchase
price initially paid by one of our officers. In January 2021, our Old Sponsor transferred 129,375 founder shares to our independent directors.
In March 2021, each independent director forfeited 4,375 founder shares and our Old Sponsor forfeited 861,875 founder shares. On January
26, 2023, the Old Sponsor underwent a reorganization pursuant to which the limited partners of the Sponsor transferred all of their limited
partnership interests to the Sponsor. On January 30, 2023, Klaus Kleinfeld, Hugo Banziger, Vesna Nevistic, Martin Weckwerth and Charles
Stonehill tendered their resignations as directors of the Company. As a result, our Sponsor now owns 7,633,750 founder shares and the
independent directors each own 38,750 founder shares.

54

The founder shares will automatically convert into Class A ordinary
shares on the first business day following the completion of our Business Combination on a one-for-one basis, subject to certain adjustments.
In the case that additional Class A ordinary shares, or equity-linked securities convertible or exercisable for Class A ordinary shares,
are issued or deemed issued in excess of the amounts issued in our initial public offering and related to the closing of our Business
Combination, the ratio at which founder shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders
of a majority of the Class B ordinary shares then in issue) so that the number of Class A ordinary shares issuable upon conversion of
all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 99.16% of the sum of our ordinary shares issued and
outstanding following the 2023 Shareholder Meeting, 2024 Shareholder Meeting and 2025 Shareholder Meeting plus the number of Class A ordinary
shares and equity-linked securities issued or deemed issued in connection with our Business Combination (net of redemptions), excluding
the representative shares and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our Business
Combination and any private placement warrants issued to our Sponsor, an affiliate of our Sponsor or any of our officers or directors.

With certain limited exceptions, the founder shares are not transferable,
assignable or salable (except to our officers and directors and other persons or entities affiliated with our Sponsor, each of whom are
subject to the same transfer restrictions) until the