Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 984

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 984
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 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 are 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 A ordinary shares and Class B ordinary shares are calculated by dividing net income attributable
to the Company by the weighted average number of redeemable Class A ordinary shares and non-redeemable Class A ordinary shares and Class
B ordinary shares outstanding, allocated proportionally to each class of ordinary shares. This presentation assumes a Business Combination
as the most likely outcome. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the
redemption value approximates fair value.

F-15

Reconciliation of Net Loss per Ordinary Share

The Company’s statements of operations include a presentation
of net loss per share for ordinary shares subject to redemption in a manner similar to the two-class method of net
loss per share. Accordingly, basic and diluted net loss per redeemable Class A ordinary shares and non-redeemable Class A ordinary shares