Constellation Acquisition Corp ICSTAF
Cash in trust
$661K
$660,761
Trust per share
$10.00
Redemption value
IPO
Jan 2021
$304M raised
Combination deadline
Feb 29, 2024
Deadline passed
Filings on record
226
Latest Oct 6, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Apr 10, 2026
Overview
Constellation Acquisition Corp I is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001834032. It completed its initial public offering in Jan 2021, raising $304M in gross proceeds and listing on OTC. Class A shares trade under the ticker CSTAF on OTC. The vehicle is sponsored by Constellation Sponsor GmbH & Co. KG, a German through Constellation Sponsor GmbH & Co. KG, a German limited. Definitive business-combination agreement signed, closing pending.
“We intend to focus our search on a target that is at the forefront of change in one of several rapidly changing segments of the global economy.”
Reading the filings
Arithmetic on what Constellation Acquisition Corp I has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $10.00 per public share, effectively the $10.00 the units were sold at, so little or no interest has accrued to the account yet.
Time on the clock
The stated combination deadline of Feb 29, 2024 has passed without a closing in our filing record. Either an extension was approved that we have not yet indexed, or the vehicle is in wind-down. Check the latest proxy statement.
Extension history
Shareholders have already approved 6 extensions. Each one opened a redemption window, so the public float and the trust are almost certainly smaller than at IPO, and each typically came with a sponsor contribution that lifts trust per share. A vehicle on its second or third extension is one where the sponsor is paying to keep the search alive.
Sponsor promote
The sponsor's founder block is 1,125,000 shares against 2,367,684 public shares, or 32.2% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Warrant coverage
Each unit carried one-third of one warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Underwriting
Deutsche Bank led the offering. It has been named on 83 SPAC IPOs, book-running 19 of them, and 65.4% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Constellation Acquisition Corp I must close a deal, extend again, or return the trust. The marker is today.
At every shareholder vote holders may hand their shares back for their cash. Each bar is one vote, read out of the 8-K that reported it.
4.4M shares handed back across 3 votes, 188% of the shares sold at IPO.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
226 filings in all. 16 in the last three months, against a busiest month of 20.
Scores
Recomputed 2d agoThree readings of Constellation Acquisition Corp I, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
LowHow much does the structure protect a holder right now?
4/100
- Trust accretion3
$10.00 per share
- Runway5
-960 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
ElevatedHow much attention is this vehicle attracting right now?
66/100
- Filing activity81
6 in 30 days
- News coverage51
2 stories in 30 days
- News tone75
positive
- Deal freshness59
announced 189 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ModerateHow likely is this vehicle to complete a combination, and at what scale?
39/100
- Lead bank record15
36.4%
- Bank franchise54
46 SPAC mandates
- Trust scale3
$1M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Constellation Acquisition Corp I
Last 90 daysNews sentiment
PositiveAcross 1 recent story, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- 425
Business-combination communication
Accession 0001213900-26-106876
- 8-K
Current report
Item 2.03 · Accession 0001213900-26-104667
- 425
Business-combination communication
Accession 0001213900-26-102654
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001213900-26-102648
- 425
Business-combination communication
Accession 0001213900-26-101799
- 425
Business-combination communication
Accession 0001213900-26-100536
- 425
Business-combination communication
Accession 0001213900-26-100143
- 425
Business-combination communication
Accession 0001213900-26-100144
- 425
Business-combination communication
Accession 0001213900-26-096304
- 8-K
Current report
Item 2.03 · Accession 0001213900-26-095196
- 425
Business-combination communication
Accession 0001213900-26-093084
- 10-Q
Quarterly report
Accession 0001213900-26-090804
- NT 10-Q
Late quarterly report notification
Accession 0001213900-26-090768
- 425
Business-combination communication
Accession 0001213900-26-089146
- 425
Business-combination communication
Accession 0001213900-26-089145
- 8-K
Current report
Items 5.02, 9.01 · Accession 0001213900-26-086727
- 425
Business-combination communication
Accession 0001213900-26-082961
- 8-K
Current report
Item 2.03 · Accession 0001213900-26-082814
- 425
Business-combination communication
Accession 0001213900-26-080937
- 425
Business-combination communication
Accession 0001213900-26-078825
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001213900-26-078823
- 425
Business-combination communication
Accession 0001213900-26-078351
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001213900-26-078341
- 425
Business-combination communication
Accession 0001213900-26-076813
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001213900-26-076810
- 8-K
Current report
Item 2.03 · Accession 0001213900-26-073127
- 425
Business-combination communication
Accession 0001213900-26-070648
- 425
Business-combination communication
Accession 0001213900-26-066883
- 425
Business-combination communication
Accession 0001213900-26-066882
- 425
Business-combination communication
Accession 0001213900-26-065312
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Constellation Acquisition Corp I: questions answered
What is Constellation Acquisition Corp I (CSTAF)?
Constellation Acquisition Corp I is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001834032. It completed its initial public offering in Jan 2021, raising $304M in gross proceeds and listing on OTC. Class A shares trade under the ticker CSTAF on OTC. The vehicle is sponsored by Constellation Sponsor GmbH & Co. KG, a German through Constellation Sponsor GmbH & Co. KG, a German limited. Definitive business-combination agreement signed, closing pending.
How much does Constellation Acquisition Corp I hold in trust?
Approximately $660,761, or about $10.00 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Constellation Acquisition Corp I complete a merger?
By Feb 29, 2024, after 6 shareholder-approved extensions. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Constellation Acquisition Corp I does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Constellation Acquisition Corp I, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.00 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Constellation Acquisition Corp I trade under?
Class A shares trade as CSTAF on OTC. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Constellation Acquisition Corp I?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
How much dilution do Constellation Acquisition Corp I's founder shares and warrants create?
The founder block is 1,125,000 shares against 2,367,684 public shares, so roughly 32.2% of the combined count sits with the sponsor at nominal cost. Each unit also carried one-third of one warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Constellation Acquisition Corp I, and what is their track record?
Constellation Sponsor GmbH & Co. KG, a German limited is the sponsor entity, part of the Constellation Sponsor GmbH & Co. KG, a German franchise. This is the only vehicle we have attributed to that sponsor. Named principals: Klaus Kleinfeld.
Which banks underwrote the Constellation Acquisition Corp I IPO?
Deutsche Bank, Morgan Stanley. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Constellation Acquisition Corp I tradeable, and where?
Our market-data provider returns no quote for CSTAF. That is normal for a vehicle that has not begun trading, has been delisted after a wind-up, or is too thinly traded to carry a two-sided market. The absence of a quote is shown as "not quoted" rather than as a zero.
Is Constellation Acquisition Corp I a good investment?
That is not a question this site answers. Constellation Acquisition Corp I is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Constellation Acquisition Corp I data come from?
Filings Constellation Acquisition Corp I submitted to the SEC under CIK 0001834032: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Constellation Sponsor GmbH & Co. KG, a German: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Deutsche Bank in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.