Company: CSTAF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110128
Chunk: 109

Company: Constellation Acquisition Corp I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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Note 8 — Fair Value Measurements

The following table presents information about
the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 and December 31,
2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

    Description 
    Level  
    September 30, 2025  
    Level  
    December 31, 2024 
  
    Liabilities 

    Public Warrant Liability 
     2  
    $929,995  
     2  
    $165,333 
  
    Private Placement Warrant Liability 
     2  
    $492,000  
     2  
    $87,467 

The warrants are accounted for as
liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the condensed balance sheets. The warrant
liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in
fair value of warrant liability in the unaudited condensed statements of operations.

The Company established the initial fair value
for the Public Warrants on January 29, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model, and for the Private
Placement Warrants on January 29, 2021, using a Black-Scholes model. As of September 30, 2025 and December 31, 2024, the fair value of
the Private Placement Warrants was valued utilizing the quoted market price of the Public Warrants, and the fair value of the Public
Warrants by reference to the quoted market price of the Public Warrants. The Public Warrants and Private Placement Warrants were classified
as Level 3 at the initial measurement date. There were no transfers among fair value hierarchy at September 30,
2025 and December 31, 2024. The Public Warrants are classified as Level 2 due to the lack of trading activity as of the reporting date.

Note 9 — Segment Information 

ASC Topic 280, “Segment Reporting,”
establishes standards for companies to report in their financial statement information about operating segments, products, services,
geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities
from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly