Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 151

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 151
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 current assets.

Our liquidity needs to date have been satisfied
through loans from the Sponsor to cover for certain operating expenses. In addition, in order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of our officers and directors may, but are not obligated
to, provide the Company working capital loans.

As of September 30, 2025, there was approximately
$5,198,208 of borrowings outstanding and $330,000 of related administrative fees owed to the Sponsor under the following promissory notes:

    ●
    During the
    period ended December 31, 2022, the Company issued the 2022 Notes totaling $258,780 to certain executive officers and affiliates
    of the Company. The proceeds of the 2022 Notes was used for general working capital purposes. The 2022 Notes bear no interest and
    is payable in full upon the earlier to occur of (i) the Termination Date or (ii) the consummation of the Company’s Business
    Combination. Failure to pay the principals within five business days of the date specified above or the commencement of a voluntary
    or involuntary bankruptcy action shall be deemed an event of default, in which case the 2022 Notes may be accelerated. As of September
    30, 2025 and December 31, 2024, $227,208 is outstanding under the 2022 Notes.

    ●
    On January 18, 2023, the
    Company issued the 2023 Note in the amount of $230,000 to the Sponsor. The proceeds of the 2023 Note was used for general working
    capital purposes. The 2023 Note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the
    Company’s Business Combination or (ii) the date that the winding up of the Company is effective. A failure to pay the principal
    within five business days of the date specified above or the commencement of a voluntary or involuntary bankruptcy action shall be
    deemed an event of default, in which case the 2023 Note may be accelerated. At the election of the Sponsor, all or a portion of the
    unpaid principal amount of the 2023 Note may be converted into warrants of the Company, at a price of $1.50 per warrant, each warrant
    exercisable for one Class A ordinary share of the Company