Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 278

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 278
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 Company and the Sponsor entered into the First Amendment to the Subscription Agreement, pursuant to which the purchased
amount of shares was adjusted to 2,415,000 ordinary shares, $0.0104 per ordinary share.

At November 30, 2024, there were 2,415,000
ordinary shares issued and outstanding which were retroactively restated to reflect the additional share purchase by the Sponsor, of
which an aggregate of up to 315,000 shares are subject to forfeiture to the extent that the underwriters’ over-allotment option
is not exercised in full, so that the Sponsor will own 35% of the issued and outstanding shares after the Proposed Public Offering (assuming
the Sponsor does not purchase any public units in the Proposed Public Offering and excluding the Private Shares underlying the Private
Units).

Rights— Each holder of a
right will receive one-tenth (1/10) of one ordinary shares upon consummation of a Business Combination, even if the holder of such right
redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon conversion of the rights.
No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation
of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in
the Proposed Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not
be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per ordinary share consideration
the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary shares basis and each holder of a
right will be required to affirmatively covert its rights in order to receive one share underlying each right (without paying additional
consideration). The shares issuable upon conversion of the rights will be freely tradable (except to the extent held by affiliates of
the Company).

If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any
of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the
Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of a