Constellation Acquisition Corp I
For the period ended Dec 31, 2024. Filed Apr 2, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Apr 2, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31,2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number 001-39945
**(Exact name of registrant as specified in its charter)
| Cayman Islands | 98-1574835 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 200 Park Avenue, 32nd Floor New York, NY | 10166 |
|---|---|
| (Address of principal executive offices) | (Zip Code) |
**(646) 585-8975
**(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on Which Registered |
|---|---|---|
| Class A ordinary shares, $0.0001 par value | CSTAF | OTC Pink Market |
| Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.5 | CSTWF | OTCQB® Venture Market |
| Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | CSTUF | OTCQB® Venture Market |
Securities registered pursuant to Section 12(g) of the Act:None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☒ No☐
As of June 30, 2024 (the last business day of the registrant’s second fiscal quarter), the aggregate market value of its voting and non-voting common equity held by non-affiliates as of such date was $26,991,597.6 based upon the closing price reported for such date on the OTCQX Marketplace (includes the OTCQX® Best Market and OTCQB® Venture Market) (the “OTC”).
As of April 1, 2025,7,664,302 Class A ordinary shares, par value $0.0001 per share, and 150,000 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding, respectively.
Documents Incorporated by Reference
None.
TABLE OF CONTENTS
| Page | |
|---|---|
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY | iv |
| PART I | 1 |
| ITEM 1. BUSINESS | 1 |
| Item 1A. Risk Factors | 17 |
| Item 1B. Unresolved Staff Comments | 53 |
| Item 1C. Cybersecurity | 53 |
| Item 2. Property | 53 |
| Item 3. Legal Proceedings | 53 |
| Item 4. Mine Safety Disclosures | 53 |
| PART II | 54 |
| Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 54 |
| Item 6. [Reserved]. | 56 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 56 |
| Item 7A. Quantitative and Qualitative Disclosures about Market Risk | 63 |
| Item 8. Financial Statements and Supplementary Data | 63 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 63 |
| Item 9A. Controls and Procedures | 63 |
| Item 9B. Other Information. | 64 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. | 64 |
| PART III | 65 |
| Item 10. Directors, Executive Officers and Corporate Governance | 65 |
| Item 11. Executive Compensation. | 75 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 76 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 78 |
| Item 14. Principal Accountant Fees and Services | 80 |
| PART IV | 81 |
| Item 15. Exhibits, Financial Statement Schedules | 81 |
i
CERTAIN TERMS
Unless otherwise stated in this Annual Report on Form 10-K for the year ended December 31, 2024 (this “Annual Report”), or the context otherwise requires, references to:
| ● | “we,” “us,” “our,” “Company,” “company,” “our company,” “CSTA” or “Constellation” means Constellation Acquisition Corp I, a Cayman Islands exempted company; |
| ● | “amended and restated memorandum and articles of association” means our Amended and Restated Memorandum and Articles of Association, as amended on January 27, 2023 and January 29, 2024 in connection with the extraordinary general meeting of shareholders to extend the date by which the Company has to consummate an initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”); |
| ● | “2023 Articles Extension Date” means April 29, 2023, as a result of the extension general meeting held on January 27, 2023; |
| ● | “2024 Articles Extension Date” means February 29, 2024, as a result of the extension general meeting held on January 29, 2024; |
| ● | “2025 Articles Extension Date” means February 28, 2025, as a result of the extension general meeting held on January 27, 2025; |
| ● | “Class A ordinary shares” or “Public Shares” means our Class A ordinary shares, par value $0.0001 per share; |
| ● | “Class B ordinary shares” means our Class B ordinary shares, par value $0.0001 per share; |
| ● | “Companies Act” means the Companies Act (As Revised) of the Cayman Islands, as the same may be amended from time to time; |
| ● | “directors” means our current directors; |
| ● | “founder shares” or “Founder Shares” means our Class B ordinary shares initially purchased by one of our officers in a private placement prior to our initial public offering and subsequently assigned to our Old Sponsor, and subsequently transferred to the Sponsor in the sponsor handover, for the same purchase price that was initially paid by one of our officers and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our Business Combination (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”); |
| ● | “initial shareholders” means our initial shareholders, including directors that hold shares directly, and other holders of our founders shares prior to our initial public offering; |
| ● | “IPO” or “Initial Public Offering” means the initial public offering of the securities of Constellation Acquisition Corp I on January 29, 2021; |
| ● | “letter agreement” means the letter agreement, dated as of January 26, 2021, by and among the Company and its initial shareholders, directors and officers (as further amended by and among, the Company, its directors and officers, the Sponsor and other parties thereto, on January 30, 2023); |
| ● | “management” or our “management team” means our officers and directors; |
ii
| ● | “Old Sponsor” is to Constellation Sponsor GmbH & Co. KG a German Limited Partnership, prior to the sponsor handover; |
| ● | “ordinary shares” means our Class A ordinary shares and our Class B ordinary shares; |
| ● | “original termination date” means January 29, 2023; |
| ● | “OTC” means the OTCQX Marketplace, and includes the OTCQX® Best Market and OTCQB® Venture Market; |
| ● | “private placement warrants” means the warrants issued to our Sponsor in a private placement simultaneously with the closing of our initial public offering; |
| ● | “public shares” means our Class A ordinary shares sold as part of the units in our initial public offering (whether they were purchased in our initial public offering or thereafter in the open market); |
| ● | “public shareholders” means the holders of our public shares, including our Sponsor and management team to the extent our Sponsor and/or members of our management team purchase public shares, provided that our Sponsor’s and each member of our management team’s status as a “public shareholder” will only exist with respect to such public shares; |
| ● | “sponsor” or “Sponsor” means Constellation Sponsor LP, a Delaware limited partnership, after the sponsor handover, the managers of which are Chandra R. Patel, Richard C. Davis and Jarett Goldman; |
| ● | “Termination Date” means the date by which we are required to consummate a Business Combination pursuant to our amended and restated memorandum and articles of association; |
| ● | “units” means the Company’s units, each consisting of one Class A ordinary share and one-third of one redeemable warrant; |
| ● | “warrants” means our redeemable warrants sold as part of the units in our initial public offering (whether they were purchased in the initial public offering or thereafter in the open market) and the private placement warrants, each exercisable for one Class A ordinary share at an exercise price of $11.50; and |
| ● | “$,” “US$” and “U.S. dollar” means the United States dollar. |
iii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.