Thu, May 15, 8:35 PM (38 days ago)
Constellation Acquisition Corp I (CSTAF) reported its financial performance for the quarter ended March 31, 2025. The company, a blank check company incorporated in the Cayman Islands, focuses on effecting a merger or similar business combination. Key financial metrics include: **Revenue and Profit Margins:** - The company reported no revenue, as it has not commenced operations and generates non-operating income from interest on IPO proceeds held in a trust account. **Cash Flow:** - Net cash used in operating activities was $181,160, primarily due to general and administrative costs. - Net cash provided by investing activities was $27,413,399, mainly from cash withdrawn from the trust account in connection with redemption. - Net cash used in financing activities was $27,228,399, primarily due to the redemption of Class A ordinary shares. **Earnings Changes:** - The company reported a net loss of $446,908 for the quarter, compared to a net loss of $494,150 in the same period last year. - The loss from operations was $414,695, partially offset by interest earned on cash held in the trust account ($83,916) and a change in the fair value of warrant liability ($-116,129). **Quarterly Performance Discussion:** - The company has extended the deadline to complete its initial business combination multiple times, with the latest extension to April 29, 2025. - The company has redeemed a significant number of Class A ordinary shares, with 64,302 shares outstanding as of March 31, 2025. **Trends and Uncertainties:** - The company faces uncertainties related to global events such as the Russia-Ukraine conflict, Israel-Hamas war, and China-Taiwan tensions. - The company's liquidity and going concern status are uncertain, with a working capital deficit of $6,003,199 as of March 31, 2025. **Future Operations Impact:** - The company plans to complete a business combination before the mandatory liquidation date, but there is no assurance that it will be able to do so. - The company may need to obtain additional financing to complete a business combination or redeem a significant number of its public shares. **Ticker:** CSTAF