Constellation Acquisition Corp I announced a private placement of convertible unsecured promissory note for gross proceeds of up to $3,000,000 on January 30, 2023. The transaction will include participation from returning investor, Constellation Sponsor GmbH & Co. KG on January 30, 2023. The promissory note does not bear interest and matures upon closing of the Company’s initial business combination. In the event that the company does not consummate a business combination, the promissory note will be repaid only from amounts remaining outside of the Trust Account, if any. The proceeds of the promissory note will be deposited in the Trust Account. At the election of the Payee, up to $1,270,000 of the total principal amount of the promissory note may be converted, in whole or in part, at the option of the lender into warrants of the company at a price of $1.50 per warrant, which warrants will be identical to the private placement warrants issued to the investor at the time of the initial public offering of the company.

On the same date, the company issued notes for gross proceeds of $450,000 in its first tranche closing.