Company: CSTAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044280
Chunk: 23

Company: Constellation Acquisition Corp I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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, a tax position must be more likely than not to be sustained upon examination by taxing authorities.
There were no unrecognized tax benefits as of March 31, 2025 and December 31, 2024. The Company’s management determined that the
Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2025 and December
31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception.

The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.
The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next
twelve (12) months.

Net Loss per Ordinary Share

The Company complies with accounting and disclosure
requirements of the Financial Accounting Standards Board ASC Topic 260, “Earnings Per Share.” Net loss per ordinary share
is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares
subject to forfeiture. The Company has not considered the effect of the warrants sold in the IPO and the private placement to purchase
an aggregate of 15,800,000 Class A ordinary shares (the “Private Placement”) in the calculation of diluted net loss per ordinary
share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net loss per ordinary
share is the same as basic net loss per ordinary share for the periods presented.

On January 30, 2024, the Sponsor converted an
aggregate of 7,600,000 Class B ordinary shares into Class A ordinary shares on a one-for-one basis. Following the conversion, a clarifying
distinction is made that one class of share is redeemable Class A ordinary shares and other class is non-redeemable Class A ordinary shares
and Class B ordinary shares.

Basic and diluted net loss per ordinary share
for redeemable Class A ordinary shares and non-redeemable Class