Constellation Acquisition Corp I (OTCQX:CSTAF), a blank check company with a market capitalization of $117.87 million and current trading price of $11.65, has announced on Wednesday that it has exercised an option to extend the period to complete its initial business combination by one month.
The deposit, referred to as the "Extension Funds," was drawn under an unsecured promissory note with Constellation Sponsor LP, dated January 30, 2024. This action, approved by the extension committee of the company's board of directors, allows Constellation Acquisition Corp I to extend the deadline from November 29, 2024, to December 29, 2024.
This strategic move by Constellation Acquisition Corp I is a reflection of the company's ongoing efforts to finalize a business combination within the timeframe permitted by its governing documents.
In other recent news, Constellation Acquisition Corp I has made significant strides towards its initial business combination. The company has secured multiple extensions, the most recent being the ninth of eleven possible one-month extensions, through the drawdown of $55,000 in extension funds from an unsecured promissory note with Constellation Sponsor LP.
The extension funds, which do not accrue interest, are set to mature upon the completion of the company's initial business combination. If a business combination is not achieved, the repayment of the note will be made from any available funds outside of the company's trust account.
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