Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 276

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 276
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07.

In December 2023, the FASB issued ASU 2023-09,
Income taxes (Topic 740): Improvements to Income Tax Disclosure (“ASU 2023-09”), which enhances the transparency and
usefulness of income tax disclosures. ASU 2023-09 will be effective for fiscal years beginning after December 15, 2024. Early adoption
is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating
the impact of the pending adoption of ASU 2023-09 on its financial statements.

Management does not believe that any other recently
issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial
statement.

Note 3 — Proposed Public Offering

Pursuant to the Proposed Public Offering, the
Company intends to offer for sale 6,000,000 Units (or 6,900,000 Units if the over-allotment option is exercised in full) at a price of
$10.00 per Unit. Each Unit consists of one ordinary share and one right (“Public Right”). Each Public Right will convert
into one-fifth (1/5) of one ordinary share upon the consummation of a Business Combination.

<div align='center'>F-12</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 4 — Private Placement

The Sponsor has agreed to purchase an aggregate
of 218,250 Private Units (or 225,000 Private Units if the over-allotment option is exercised in full) at a price of $10.00 per Private
Unit for an aggregate purchase price of $2,182,500, or $2,250,000, if the over-allotment option is exercised in full, in a private placement
that will occur simultaneously with the closing of the Proposed Public Offering. Each Private Unit will consist of one ordinary share
(“Private Share”) and one right (“Private Right”). Each Private Right will convert into one-fifth (1/5) of one
ordinary share upon the consummation of a Business Combination. The proceeds from the Private Units will be added to the proceeds from
the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination
Period, the proceeds from the sale of the