Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 1287

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1287
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 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. The warrants shall be identical to the private placement warrants issued to the Sponsor at the
time of the Company’s IPO. As of December 31, 2024 and 2023, $230,000 is outstanding under this 2023 Note.

As disclosed in the definitive proxy statement
filed by the Company with the SEC on December 30, 2022 relating to the Extension Meeting, the Sponsor agreed that if the 2023 Extension
Amendment Proposal is approved, it or one or more of its affiliates, members or third-party designees will contribute to the Company as
a loan, within ten (10) business days of the date of the Extension Meeting, $450,000, to be deposited into the Trust Account. In addition,
in the event the Company does not consummate 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 an unsecured promissory note, in the amount of $3,000,000 to the Sponsor (the “Extension Note”). 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