Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 920

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 920
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 the time of the IPO of the Company. As of December 31, 2024 and 2023, $2,951,000 and $2,901,000 is outstanding under this
Extension Note.

●On January 30, 2024, the Company issued an unsecured promissory
note (the “2024 Note”) in the amount of $1,660,000 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 December 31, 2024,
$1,365,000 is outstanding under the 2024 Note.

We cannot provide any assurance that new financing
along the lines detailed above will be available to us on commercially acceptable terms, if at all. Further, we have until the Termination
Date to consummate a Business Combination, but we cannot provide assurance that we will be able to consummate a Business Combination
by that date. If a Business Combination is not consummated by the required date, there will be a mandatory liquidation and subsequent
dissolution. In connection with the Company’s assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the liquidity condition and mandatory liquidation
raise substantial doubt about the Company’s ability to continue as a going concern until the earlier of the consummation of the
Business Combination or January 29, 2026, the date the Company is required to liquidate. These financial statements do not include any
adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the
Company be unable to continue as a going concern.

60

We intend to complete our Business Combination
before the mandatory liquidation date; however, there can be no assurance that we will be able to consummate any Business Combination
by the Termination Date. If the Company’s estimates of the costs of identifying a target business, undertaking in-depth due diligence
and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available
to operate its business prior to a Business Combination. Moreover, the Company may need to obtain additional financing either