Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 1728

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9C
Chunk 1728
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30, 2022 relating to the Extension Meeting, the Sponsor agreed that if the 2023 Extension
Amendment Proposal is approved, it or one or more of its affiliates, members or third-party designees will contribute to the Company as
a loan, within ten (10) business days of the date of the Extension Meeting, $450,000, to be deposited into the Trust Account. In addition,
in the event the Company does not consummate an initial Business Combination by the Articles Extension Date, the Lender may contribute
to the Company $150,000 as a loan to be deposited into the Trust Account for each of nine one-month extensions following the Articles
Extension Date.

Accordingly, on January 30, 2023, the Company
issued an unsecured promissory note, in the amount of $3,000,000 to the Sponsor (the “Extension Note”). The Sponsor funded
the initial principal amount of $450,000 on January 30, 2023. The Extension Note does not bear interest and matures upon closing of the
Company’s initial Business Combination. In the event that the Company does not consummate a Business Combination, the Extension
Note will be repaid only from amounts remaining outside of the Trust Account, if any. The proceeds of the Extension Note will be deposited
in the Trust Account. At the election of the payee, $1,270,000 of the total principal amount of the Extension Note may be converted, in
whole or in part, at the option of the Lender into warrants of the Company at a price of $1.50 per warrant, which warrants will be identical
to the private placement warrants issued to the Sponsor at the time of the IPO of the Company. As of December 31, 2024 and 2023, $2,951,000
and $2,901,000 are outstanding under this Extension Note, respectively.

The notes were accounted for using the bifurcation
method, and it was determined that the conversion feature was de minimis and was recorded at par value. As of December 31, 2024 and 2023,
there were $3,181,000 and $3,131,000 of borrowings under the Working Capital Loans, respectively.

F-21

Note 6 — Commitments and Contingencies

Registration Rights

The holders of the Founder Shares, private placement
warrants, Class A ordinary shares underlying the private placement warrants and warrants that may be issued