Company: CSTAF
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027555
Chunk: 1873

Company: Constellation Acquisition Corp I
Filing Date: 2025-04-02
Form: 10-K
Item: Item 11
Chunk 1873
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, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded
from the provisions of ASC 480. Accordingly, at December 31, 2024 and 2023, 2,367,684 and 4,493,843 Class A ordinary shares subject
to possible redemption were presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance
sheets, respectively.

The Company recognizes changes in redemption value
immediately as they occur and adjusts the carrying value of the Class A ordinary shares subject to possible redemption to equal the redemption
value at the end of each reporting period. Increases or decreases in the carrying amount of the Class A ordinary shares subject to possible
redemption are affected by charges against additional paid-in capital and accumulated deficit.

F-14

The Class A ordinary shares subject to possible
redemption reflected on the balance sheets as of December 31, 2024 and 2023 are reconciled in the following table:

    Class A ordinary shares subject to possible redemption as of December 31, 2022 
    $314,517,268 
  
    Less: 

    Redemptions 
     (269,485,746)
  
    Plus: 

    Accretion of carrying value to redemption value 
     4,826,074 
  
    Class A ordinary shares subject to possible redemption as of December 31, 2023 
    $49,857,596 
  
    Plus: 

    Accretion of carrying value to redemption value 
     1,936,948 
  
    Less: 

    Redemptions 
     (23,671,533)
  
    Class A ordinary shares subject to possible redemption as of December 31, 2024 
    $28,123,011 

Income Taxes

ASC 740 prescribes a recognition threshold and
a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, 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 December 31, 2024 and 2023. 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