Constellation Acquisition Corp I reported a net loss of approximately $446,908 for the three months ended March 31, 2025, a slight improvement compared to a net loss of $494,150 during the same period in 2024. The company’s loss from operations decreased to $414,695 from $788,341 year-over-year, primarily due to reduced general and administrative costs, which fell from $788,341 to $414,695. Interest income from cash held in the Trust Account also declined significantly, from $388,991 in 2024 to $83,916 in 2025, reflecting lower cash balances and interest rates.
As of March 31, 2025, Constellation Acquisition Corp I reported total assets of $847,246, a substantial decrease from $28,184,577 at the end of 2024. This decline was largely attributed to a significant reduction in cash held in the Trust Account, which dropped from $28,123,011 to $793,528. The company’s liabilities increased to $20,456,846 from $19,918,870, driven by higher accounts payable and accrued expenses, which rose to $3,994,709 from $3,802,862. The company’s accumulated deficit also widened to $20,403,903 from $19,858,079.
Strategically, the company has been focused on extending its timeline to complete a business combination. Following shareholder meetings, the company has successfully extended its termination date multiple times, with the latest extension allowing until January 29, 2026, to finalize a business combination. The company has also transitioned its trading from the New York Stock Exchange to the OTCQX and OTCQB markets, which is not expected to impact its operations or relationships adversely.
Operationally, the company has not yet commenced any business operations and continues to rely on interest income from its Trust Account. As of March 31, 2025, the company had a working capital deficit of $6,003,199, raising concerns about its liquidity and ability to continue as a going concern. Management has indicated that it plans to complete a business combination before the mandatory liquidation date but acknowledges the uncertainty surrounding this goal. The company may need to secure additional financing to cover operational costs or redeem public shares if a business combination is not completed in time.
About Constellation Acquisition Corp I
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