Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 4

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 4
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 certain exceptions) until the completion of our initial business combination.

Our Sponsor owns 2,415,000 ordinary shares,
which we refer to herein as “founder shares.” Our Sponsor purchased 2,415,000 ordinary shares for an aggregate purchase price
of $25,000, or approximately $0.0104 per ordinary share. After giving effect of forfeiture of 315,000 ordinary shares assuming that the
underwriter’s overallotment option is not exercised, the resulting purchase price will be approximately $0.0119 per share. Given
our Sponsor paid a nominal aggregate purchase price for the founder shares, the value of your public shares may be significantly diluted
upon the consummation of our initial business combination, when the founder shares are converted into public shares. Our Chief Executive
Officer has a significant economic interest in our Sponsor. As a result, the low acquisition cost of the founder shares creates an economic
incentive whereby our Chief Executive Officer could potentially make a substantial profit even if we complete a business combination
with a target business that subsequently declines in value and is unprofitable for public investors.

Repayment of working capital loans which may
be made by our Sponsor, officers, directors or their affiliates to finance transaction costs in connection with an initial business combination
(1) through a portion of the funds not held in the trust account, and only to the extent available, if the initial business combination
does not close, or (2) upon consummation of our initial business combination, without interest, or, at the holder’s discretion,
up to $1,500,000 may be converted into private units at a price of $10.00 per unit. We will also reimburse our Sponsor $20,000 per month
for office space and administrative services made available to us. See “Risk Factors— The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our public shares at such time is substantially less than $10.00 per public share”, for further discussion
on our sponsor’s and our affiliates’ shares and compensation.

The founder shares include 315,000 ordinary
shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is not exercised
in full or in part. In addition, our Sponsor has agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering,