Constellation Acquisition Corp I Reports $3.26 Million Net Loss and Prepares for Business Combination

Constellation Acquisition Corp I reported a net loss of approximately $3.26 million for the three months ended June 30, 2026, compared to a loss of $220,858 for the same period in 2025. The company's revenue remains non-operational as it has not yet completed a business combination, with all income derived from interest on cash held in its Trust Account. General and administrative expenses surged to $1.13 million in the second quarter of 2026, up from $265,079 in the prior year, reflecting increased operational costs associated with being a public company.

The company’s total assets decreased to $691.2 million as of June 30, 2026, down from $901.2 million at the end of 2025. This decline was primarily due to a reduction in cash held in the Trust Account, which fell from $859.4 million to $660.8 million. Current liabilities also increased significantly, rising to $20.76 million from $23.30 million, driven by higher accounts payable and accrued expenses. The company reported a working capital deficit of $9.82 million, raising concerns about its liquidity as it approaches the mandatory liquidation date.

Strategically, Constellation Acquisition Corp I is in the process of finalizing a business combination with HiTech Minerals Inc., which is expected to close in the second half of 2026. The agreement includes a merger with PubCo, where existing shares will be exchanged for shares of PubCo. The total consideration for the business combination is based on an equity value of $500 million. The company has also entered into various support agreements with its sponsor and other stakeholders to facilitate the transaction.

As of June 30, 2026, the company had 7,646,529 Class A ordinary shares and 150,000 Class B ordinary shares outstanding. The number of redeemable Class A shares subject to possible redemption decreased to 46,529 from 64,302 at the end of 2025. The company has been actively managing its cash flow, drawing on promissory notes from related parties to cover operational expenses. The outlook remains uncertain, with management emphasizing the need to complete the business combination before the liquidation deadline of January 29, 2027, to avoid mandatory dissolution.