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Constellation Acquisition Corp I (CSTAF0.00%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, including total assets of $27,821,565 as of September 30, 2024, compared to $49,894,548 as of December 31, 2023. The decrease is primarily due to redemptions of Class A ordinary shares.
Current liabilities increased to $8,411,280 from $6,558,866, with a significant portion attributed to promissory notes and amounts due to related parties.
The company reported a net income of $37,699 for the three months ended September 30, 2024, compared to $306,909 for the same period in 2023. This includes interest income from investments held in the trust account.
Cash held in the trust account decreased to $27,686,372 from $49,857,596 due to redemptions of Class A ordinary shares.
The filing notes that Constellation Acquisition Corp I is a blank check company formed for the purpose of effecting a business combination. As of the filing date, no business combination has been completed.
The company acknowledges the potential impact of global events, such as the Israel-Hamas war and the Russian Federation's actions in Ukraine, on its financial condition and operations.
Management plans to consummate a business combination prior to the mandatory liquidation date, but acknowledges substantial doubt about the company's ability to continue as a going concern.
Constellation Acquisition Corp I's securities were delisted from the NYSE and are now trading on the OTCQX and OTCQB markets.
The company has extended the deadline for completing a business combination multiple times, with the current termination date set for November 29, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Constellation Acquisition Corp I Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.