Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 68

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 68
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 as an “investment company” depends on a variety of factors, such
as a SPAC’s duration, asset composition, business purpose and activities and “is a question of facts and circumstances”
requiring individualized analysis. If we were deemed to be subject to the Investment Company Act, compliance with these additional regulatory
burdens would require additional expenses for which we have not allotted funds and may hinder our ability to complete a business combination.
Additionally, if we were deemed to be an investment company, and we are unable to modify our activities so that we would not be deemed
an investment company, we would either register as an investment company or abandon our efforts to complete an initial business combination
and instead liquidate the Trust Account. As a result, our public shareholders may only receive their pro rata portion of the funds in
the Trust Account that are available for distribution to public shareholders, would be unable to realize the potential benefits of an
initial business combination, including the possible appreciation of the combined company’s securities and our warrants may expire
worthless.

Changes in laws or regulations, or a failure to comply
with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our Business Combination,
and results of operations.

We are subject to laws and regulations enacted by national, regional
and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance with, and
monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation
and application may also change from time to time and those changes could have a material adverse effect on our business, investments
and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have
a material adverse effect on our business, including our ability to negotiate and complete our Business Combination, and results of operations.

On July 1, 2024, new rules for SPACs (the “SPAC Rules”),
issued by the SEC became effective. The SPAC Rules, among other items, impose additional disclosure requirements in business combination
transactions involving SPACs and private operating companies; amend the financial statement requirements applicable to business combination
transactions involving such companies; update and expand guidance regarding the general use of projections in SEC filings, including requiring
disclosure of all material bases of the projections and all material assumptions underlying the projections; increase the potential liability
of certain participants in proposed business combination transactions; and