Company: CSTAF
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074972
Chunk: 36

Company: Constellation Acquisition Corp I
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 36
---
 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 June 30, 2025 and December 31, 2024, $2,951,000 are outstanding under
this Extension Note.

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 June 30, 2025 and December
31, 2024, there were $3,181,000 of borrowings under the Working Capital Loans.

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 upon conversion of Working
Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued
upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement
to be signed prior to or on the Effective Date of the IPO. The holders of these Securities are entitled to make up to three demands, excluding
short form demands, that the Company registers such Securities. In addition, the holders have certain “piggyback” registration
rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the
Company to register for resale such Securities pursuant to Rule 415 under the Securities Act. In addition, if the Sponsor affiliates acquire
shares in the IPO, they would become affiliates (as defined in the Securities Act) of the Company following the IPO, and the Company would
file a registration statement following the IPO to register the resale of the Public Shares purchased by the Sponsor affiliates (or their
nominees) in the IPO. The Sponsor affiliates will not be subject to any lock-up period with respect to any Public Shares they may purchase.
The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering
the Company’s Securities. The Company will bear the