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Constellation Acquisition Corp I (OTC Pink:CSTAF), a special purpose acquisition company with a market capitalization of $96 million, announced today that it has drawn an additional $5,000 from its sponsor to extend the deadline for completing its initial business combination by one month to May 29, 2025. This extension, made possible by a unanimous board resolution on April 21, 2025, and deposited into the company’s trust account, is the third of up to eleven one-month extensions allowed by the company’s governing documents. The company’s stock has shown resilience, gaining 5% year-to-date and currently trading near its 52-week high of $12.40.
The funds were obtained through an unsecured promissory note with Constellation Sponsor LP, dated January 30, 2024. This strategic move gives the company extra time to secure a business combination deal. The note does not incur interest and will mature upon the closing of the business combination. If the company fails to consummate a business combination, the note will be repaid from any remaining funds outside of the trust account.
Constellation Acquisition Corp I, which operates under the industrial classification of blank checks, is based in New York and is listed on the OTC Pink Market with its ordinary shares (CSTAF), redeemable warrants (OTCQB:CSTWF), and units (OTCQB:CSTUF). The company’s efforts to complete a business combination are being closely watched by investors, particularly given its current financial position with a low current ratio of 0.01 and negative earnings per share. InvestingPro subscribers can access additional insights through exclusive ProTips and detailed financial metrics to better evaluate the company’s prospects.
This update is based on a press release statement filed with the SEC.
In other recent news, Constellation Acquisition Corp I announced an extension of its deadline for completing a business combination. The special purpose acquisition company secured an additional $5,000 in funding to move the deadline from February 28, 2025, to March 29, 2025, through an unsecured promissory note. This extension is part of a series of potential one-month extensions, with the possibility to extend up to January 29, 2026, if all monthly extensions are utilized. Constellation Acquisition’s sponsor, Constellation Sponsor LP, has agreed to contribute $5,000 per month to the company’s trust account for each extension. Shareholders approved amendments to the company’s charter to facilitate this extension and authorized the issuance of Class A ordinary shares to holders of Class B shares upon conversion. Following these developments, shareholders redeemed over 2.3 million Class A shares, resulting in an aggregate redemption of approximately $27.43 million. The remaining balance in the trust account stands at approximately $770,700, with 7,664,302 Class A ordinary shares still outstanding. These moves reflect Constellation Acquisition’s strategic efforts to finalize a suitable business combination within the extended timeframe.
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