Constellation Acquisition Corp I announced a private placement of an unsecured promissory note for gross proceeds of $230,000 on January 18, 2023. The transaction included participation from returning investor, Constellation Sponsor GmbH & Co. KG.

The note was issued at par. The note doesn't bear an interest rate and is payable in full upon the consummation of the company's business combination or the winding up of the company is effective. At the election of the Sponsor, all or a portion of the unpaid principal amount of the note may be converted into warrants of the company, at a price of $1.50 per warrant, each warrant exercisable for one class A ordinary share, $0.0001 par value per share, of the company.

The company has issued the note pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933.