Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 36

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 an initial Business Combination by the Articles Extension Date, the Lender may contribute
to the Company $150,000 as a loan to be deposited into the Trust Account for each of nine one-month extensions following the Articles
Extension Date.

Accordingly, on January 30, 2023, the Company issued the Extension Note to the Sponsor. The Sponsor funded the initial principal amount
of $450,000 on January 30, 2023. The Extension Note does not bear interest and matures upon closing of the Company’s initial Business
Combination. In the event that the Company does not consummate a Business Combination, the Extension Note will be repaid only from amounts
remaining outside of the Trust Account, if 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 each of September 30, 2025 and December 31, 2024, $2,951,000 is 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 each of September 30, 2025
and December 31, 2024, there was $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