Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 176

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 176
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 trust account, inclusive of
any interest not previously released to us to pay our taxes (less up to $50,000 of interest to pay liquidation and dissolution expenses).

If we are unable to consummate an initial
business combination and are forced to redeem 100% of our outstanding public shares for a portion of the funds held in the trust account,
we anticipate notifying the trustee of the trust account to begin liquidating such assets promptly after such date and anticipate it
will take no more than 10 business days to effectuate the redemption of our public shares. Our insiders have waived their rights to participate
in any redemption with respect to their founder shares. We will pay the costs of any subsequent liquidation from our remaining assets
outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation
(currently anticipated to be no more than approximately $100,000) and have agreed not to seek repayment of such expenses. Each holder
of public shares will receive a full pro rata portion of the amount then in the trust account, plus any pro rata interest earned on the
funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000 of interest to pay liquidation
and dissolution expenses). The proceeds deposited in the trust account could, however, become subject to claims of our creditors that
are in preference to the claims of public shareholders.

Our public shareholders shall be entitled
to receive funds from the trust account only in the event of our failure to complete our initial business combination in the required
time period, if we hold a shareholder vote to amend any provisions of our Post-offering Memorandum and Articles of Association relating
to shareholder’s rights or pre-business combination activity (including the substance or timing within which we have to complete
a business combination), or if the shareholders seek to have us redeem their respective public shares upon a business combination which
is actually completed by us. In no other circumstances shall a shareholder have any right or interest of any kind to or in the trust
account.

If we are forced to file a bankruptcy case
or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over
the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, the per public share