Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 128

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 128
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 a view to resale or profit from their resale. We also do not plan to be a passive investor except that, the proceeds held in the trust account, which may only be held in demand deposit or cash accounts or invested only in direct U.S. Treasury obligations (which are United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. Treasury obligations.

Pursuant to the trust agreement to be entered
into between the Company and Continental Stock Transfer & Trust Company, the trustee is not permitted to invest in other securities
or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan to acquire and grow an enterprise
for the long-term (rather than to buy and sell businesses in the manner of a merchant bank or a private equity fund), we intend to avoid
being deemed an “investment company” within the meaning of the Investment Company Act. The trust account is intended as a
holding place for funds pending the earliest to occur of: (i) the completion of our initial business combination (including any redemptions
made in connection therewith); (ii) the redemption of any of the public shares issued in this offering that are properly submitted in
connection with a shareholder vote to amend our Post-offering Memorandum and Articles of Association (A) to modify the substance or timing
of our obligation to allow redemptions in connection with our initial business combination, (B) to modify the substance or timing of
our obligation to redeem 100% of the public shares issued in this offering if we do not complete our initial business combination within
the 15 months from the consummation of this offering, or (C) with respect to any other provision relating to shareholders’ rights
or pre-initial business combination activity; or (iii) absent a business combination within prescribed time periods our return of the
funds held in the trust account to our public shareholders by redeeming their public share. Thus this offering is not intended for persons
who are seeking a return on investments in government securities or investment securities.

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If we do not invest the proceeds as discussed
above, we may be deemed to be subject to the Investment Company Act. In such a scenario, compliance with these additional regulations
would require