Constellation Acquisition Corp I Extends SPAC Deadline with $5K Deposit

What Happened

• Constellation Acquisition Corp I announced on August 28, 2026 that it drew $5,000 (the “Extension Funds”) under an unsecured promissory note with Constellation Sponsor LP to fund an extension of its SPAC deadline. The funds were deposited into the company’s trust account, extending the date to complete an initial business combination from August 29, 2026 to September 29, 2026.
• The draw was approved by unanimous resolution of the company’s extension committee and is governed by a promissory note dated January 30, 2024.

Key Details

• $5,000 drawn and deposited into the trust account on August 28, 2026.
• Extension moves the combination deadline from August 29, 2026 to September 29, 2026 (seventh of up to eleven one‑month extensions allowed).
• The note is unsecured, non‑interest bearing, and matures upon closing of the company’s initial business combination.
• If no business combination occurs, the note will be repaid only from amounts remaining outside the public shareholders’ trust account, if any.

Why It Matters

• The extension gives the SPAC one more month to complete a merger or acquisition, which may increase the chance of completing a deal rather than liquidating.
• The $5,000 deposit is provided by the sponsor under an existing promissory note; public shareholders’ trust funds remain intact for redemption purposes, and repayment of the note does not rely on trust account funds.
• Investors should note the structure: the sponsor’s short-term, non‑interest loan preserves the trust balance but represents a sponsor obligation that will be repaid only from non‑trust assets if no deal closes.