Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 229

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 229
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 relative
fair market values of the ordinary shares and the rights included in the units) and (ii) the U.S. Holder’s adjusted tax basis in
our ordinary shares or rights so disposed of. A U.S. Holder’s adjusted tax basis in its ordinary shares and rights generally will
equal the U.S. Holder’s acquisition cost (that is, the portion of the purchase price of a unit allocated to our ordinary shares
or right, as described above under “Allocation of Purchase Price and Characterization of a Unit”) reduced, in the case of
our ordinary shares, by any prior distributions treated as a return of capital. See “U.S. Holders — Acquisition of ordinary shares Pursuant to the Rights” below for a discussion regarding a U.S. Holder’s tax basis of our ordinary shares acquired
pursuant to the rights.

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Redemption of Our ordinary share

In the event that a U.S. Holder’s Ordinary
Shares are redeemed pursuant to the redemption provisions described in this prospectus under “Description of Securities —
Ordinary Shares” or if we purchase a U.S. Holder’s ordinary shares in an open market transaction (each referred to herein
as a “redemption”), the treatment of the redemption for U.S. federal income tax purposes will depend on whether it qualifies
as a sale or exchange of the ordinary shares under Section 302 of the Code. If the redemption qualifies as a sale or exchange of
the ordinary shares under the tests described below, the U.S. Holder will be treated as described under “U.S. Holders — Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Our Ordinary Shares and Rights” above. If the redemption does
not qualify as a sale or exchange of the ordinary share, the U.S. Holder will be treated as receiving a corporate distribution with the
tax consequences described above under “U.S. Holders — Taxation of Distributions.” Whether a redemption qualifies for
sale or exchange treatment will depend largely on the total number of our shares treated as held by the U.S. Holder (including any shares
constructively owned by the U.S. Holder as described in the following paragraph) relative to all of our shares outstanding both before
and after such redemption. The redemption of our ordinary shares generally will be treated as a sale or exchange of the ordinary shares
(rather than as a corporate distribution) if, within the meaning of Section 302 of the Code, such redemption