Company: CSTAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044280
Chunk: 32

Company: Constellation Acquisition Corp I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 Notes”) totaling $258,780 to certain executive officers and
affiliates of the Company. The proceeds of the 2022 Notes will be used as general working capital purposes. The 2022 Notes bear no interest
and are 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 March 31, 2025
and December 31, 2024, $227,208 were outstanding under the 2022 Notes.

On January 30, 2024, the Company issued an unsecured
promissory note in the principal amount of $1,660,000 (the “2024 Note”) to the Sponsor. 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 March
31, 2025 and December 31, 2024, $1,565,000 and $1,365,000 was outstanding under the 2024 Note, respectively.

As of March 31, 2025 and December 31, 2024, $1,792,208
and $1,592,208 were outstanding under the promissory notes to the Sponsor, respectively.

Administrative Support Agreement

 As of January 26, 2021 the Company had agreed,
commencing on the date that the Securities of the Company were first listed on NYSE, to pay the Sponsor up to $10,000 per month for
office space, utilities and secretarial and administrative support, and other obligations of the Sponsor. Upon completion of the initial
Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For each of the three months
ended March 31, 2025 and 2024, the Company recorded $30,000 administrative service fees. $270,000 and $240,000 are reported as due to
related parties in the accompanying condensed balance sheets as of March 31, 2025 and