Owl Creek Exits Constellation Acquisition Corp I Stake

TL;DR

**Owl Creek Asset Management sold all its Constellation Acquisition Corp I shares.**

AI Summary

Owl Creek Asset Management, L.P. filed an SC 13G on February 5, 2024, disclosing that as of December 31, 2023, they beneficially own 0 shares of Constellation Acquisition Corp I's Class A Ordinary Shares. This filing indicates that Owl Creek Asset Management, L.P. no longer holds a significant ownership stake in Constellation Acquisition Corp I, which could signal a lack of confidence or a shift in investment strategy from a notable institutional investor. For current or prospective shareholders, this matters because a major institutional investor has exited their position, potentially removing a large buyer from the market and possibly indicating a negative outlook on the company's future prospects or its ability to complete a successful acquisition.

Why It Matters

This filing shows a significant institutional investor, Owl Creek Asset Management, L.P., has reduced its stake in Constellation Acquisition Corp I to zero, which could be interpreted as a bearish signal.

Risk Assessment

Risk Level: medium — The exit of an institutional investor can signal underlying issues or a lack of confidence, posing a medium risk to the stock's stability.

Analyst Insight

Investors should investigate why Owl Creek Asset Management, L.P. fully exited its position in Constellation Acquisition Corp I, as this could signal concerns about the company's future or its ability to complete a successful business combination. This might warrant a re-evaluation of one's own investment thesis.

Key Numbers

• 0 — Shares Beneficially Owned (Owl Creek Asset Management, L.P. holds no shares of Constellation Acquisition Corp I as of December 31, 2023.)

Key Players & Entities

• Owl Creek Asset Management, L.P. (company) — the reporting person who filed the SC 13G
• Constellation Acquisition Corp I (company) — the subject company whose shares are being reported
• 0 (dollar_amount) — number of shares beneficially owned by Owl Creek Asset Management, L.P.
• December 31, 2023 (date) — date of the event requiring the filing
• February 5, 2024 (date) — date the SC 13G was filed

Forward-Looking Statements

• Constellation Acquisition Corp I's stock price may experience downward pressure due to the institutional exit. (Constellation Acquisition Corp I) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — r) Class A Ordinary Shares, par value $0.0001 per share (Title of Class of Securitie

Filing Documents

• p24-0535sc13g.htm (SC 13G) — 62KB
• 0000902664-24-001027.txt ( ) — 63KB

(a)

Item 1(a). NAME OF ISSUER: The name of the issuer is Constellation Acquisition Corp I (the " Issuer ").

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Issuer's principal executive offices are located at 200 Park Avenue, 32 nd Floor, New York, NY 10166.

(a)

Item 2(a). NAME OF PERSON FILING: (i) Owl Creek Asset Management, L.P., a Delaware limited partnership and the investment manager of Owl Creek Credit Opportunities Master Fund, Ltd. (the " Owl Creek Fund "), with respect to the Class A Ordinary Shares that were owned by the Owl Creek Fund and (ii) Jeffrey A. Altman (" Mr. Altman "), as managing member of the general partner of Owl Creek Asset Management, L.P., with respect to the Class A Ordinary Shares that were owned by the Owl Creek Fund. The foregoing persons are hereinafter sometimes collectively referred to as the " Reporting Persons ."

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the principal business office of each of the Reporting Persons is 640 Fifth Avenue, 20th Floor, New York, NY 10019.

(c)

Item 2(c). CITIZENSHIP: Owl Creek Asset Management, L.P. is a limited partnership organized under the laws of the State of Delaware. Mr. Altman is a United States citizen.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES: Class A ordinary shares, par value $0.0001 per share (the " Class A Ordinary Shares ").

(e)

Item 2(e). CUSIP NUMBER: G2R18K105 CUSIP No. G2R18K105 13G Page 5 of 7 Pages Item 3. IF THIS STATEMENT IS FILED PURSUANT TO §§ 240.13d-1(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); (b) ¨ Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) ¨ Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) x Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) ¨ Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) x Parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) ¨ Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) ¨ Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) ¨ Non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4: The percentages set forth herein as of December 31, 2023 are calculated based upon 4,493,843 Class A Ordinary Shares outstanding as of December 6, 2023, as reported in the Issuer's Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 10, 2024. The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. CUSIP No. G2R18K105 13G Page 6 of 7 Pages Item 5:

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: February 5, 2024 /s/ Jeffrey A. Altman Jeffrey A. Altman, individually and as managing member of the general partner of Owl Creek Asset Management, L.P. EXHIBIT 99.1 JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: February 5, 2024 /s/ Jeffrey A. Altman Jeffrey A. Altman, individually and as managing member of the general partner of Owl Creek Asset Management, L.P.

View Full Filing

View this SC 13G filing on SEC EDGAR