Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 94

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.
The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next
twelve (12) months.

Net (Loss) Income per Ordinary Share

The Company complies with accounting and
disclosure requirements of the Financial Accounting Standards Board (“FASB”) ASC Topic 260, “Earnings Per Share.”
Net (loss) income per ordinary share is computed by dividing net (loss) income by the weighted average number of ordinary shares
outstanding during the period, excluding ordinary shares subject to forfeiture. The Company has not considered the effect of the
warrants sold in the IPO and the private placement to purchase an aggregate of 15,800,000 Class A ordinary shares (the
“Private Placement”) in the calculation of diluted net (loss) income per ordinary share, since the exercise of the
warrants is contingent upon the occurrence of future events. As a result, diluted net (loss) income per ordinary share is the same
as basic net (loss) income per ordinary share for the periods presented.

On January 30, 2024, the Sponsor converted an
aggregate of 7,600,000 Class B ordinary shares into Class A ordinary shares on a one-for-one basis. Following the conversion, a clarifying
distinction is made that one class of share is redeemable Class A ordinary shares and other class is non-redeemable Class A ordinary
shares and Class B ordinary shares.

Basic and diluted net (loss) income per ordinary
share for redeemable Class A ordinary shares and non-redeemable Class A ordinary shares and Class B ordinary shares are calculated by
dividing net (loss) income attributable to the Company by the weighted average number of redeemable Class A ordinary shares and non-redeemable
Class A ordinary shares and Class B ordinary shares outstanding, allocated proportionally to each class of ordinary shares. This presentation
assumes a Business Combination as the most likely outcome. Accretion associated with the redeemable Class A ordinary shares is excluded
from earnings per share as the redemption value approximates fair value.

13

Reconciliation of Net (Loss) Income per Ordinary
Share

The Company’s unaudited condensed statements
of operations include a presentation of net (loss) income per share for ordinary shares subject to redemption in a manner similar to the two-class method of
net (