Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 992

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 992
---
 Combination. 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 2021 Note may be accelerated. The affiliates of the Sponsor had the option
to convert any unpaid balance of the 2021 Note into private placement warrants (the “Conversion Warrants”), each warrant exercisable
for one ordinary share of the Company at an exercise price of $1.50 per share. The terms of the Conversion Warrants would be identical
to the warrants issued by the Company to affiliates of the Sponsor in a private placement that was consummated in connection with the
Company’s IPO. The affiliates of the Sponsor shall be entitled to certain registration rights relating to the Conversion Warrants.
On May 3, 2021, the 2021 Note was amended to remove the option to convert any unpaid balance of the 2021 Note into private placement warrants. As
of December 31, 2024 and 2023, there were no amounts outstanding under the 2021 Note. 

During the year ended December 31, 2022, the Company
issued a number of unsecured promissory notes (the “2022 Notes”) totaling $258,780 to certain executive officers and affiliates
of the Company. The proceeds of the 2022 Notes will be used as 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 December 31, 2024 and 2023,
$227,208 were outstanding under the 2022 Notes.

On January 30, 2024, the Company issued an unsecured
promissory note in the principal amount of $1,660,000 (the “2024 Note”) 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,