Constellation Acquisition Corp I Reports Increased Net Loss and Prepares for Business Combination with HiTech Minerals Inc.

Constellation Acquisition Corp I reported a net loss of approximately $686,786 for the three months ended March 31, 2026, compared to a net loss of $446,908 for the same period in 2025. The increase in loss was primarily driven by a significant rise in general and administrative costs, which surged to $1,955,632 from $414,695 year-over-year. The company also experienced a change in the fair value of warrant liabilities, which contributed positively to the financial results, showing a gain of $1,263,996 in 2026 compared to a loss of $116,129 in 2025. The basic and diluted net loss per share for redeemable Class A ordinary shares was $(0.09) for both periods.

Total assets decreased to $681,656 as of March 31, 2026, from $901,209 at the end of 2025. This decline was largely attributed to a reduction in cash held in the Trust Account, which fell to $641,254 from $859,443. Current liabilities increased to $11,894,281, up from $9,925,013, primarily due to higher accounts payable and accrued expenses, which rose to $6,046,172 from $4,261,904. The company’s accumulated deficit also widened to $(23,968,649) from $(23,262,013) over the same period.

In terms of strategic developments, Constellation Acquisition Corp I is in the process of completing a business combination with HiTech Minerals Inc., which is expected to close in the second half of 2026. The agreement includes a merger where each issued ordinary share will be exchanged for shares of the new public company, PubCo. The total consideration for the business combination is based on an equity value of $500 million. The company has also extended its deadline to complete the business combination to May 29, 2026, with provisions for further extensions if necessary.

Operationally, the company has not yet commenced any revenue-generating activities, as it remains focused on identifying a target for its business combination. As of March 31, 2026, the company had 7,646,529 Class A ordinary shares and 150,000 Class B ordinary shares outstanding. The company’s liquidity position is under scrutiny, with a working capital deficit of $8,672,879, raising concerns about its ability to continue as a going concern. Management is actively seeking to complete the business combination to avoid mandatory liquidation.

Looking ahead, the company acknowledges the challenges it faces in securing additional financing and completing the business combination by the new deadline. The management has expressed its intent to finalize the merger with HiTech Minerals, but there are no guarantees regarding the successful completion of this transaction. The ongoing geopolitical tensions and market conditions may also impact the company’s operations and financial condition in the future.