Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 159

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 159
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 and negotiation of a business combination; |

| ● | $40,000 of third party expenses related to the search for target businesses and the due diligence investigation, structuring and negotiation of our initial business combination; |

| ● | $90,000 of legal and accounting fees related to SEC reporting obligations; |

| ● | $170,000 for director and officer insurance premiums; |

| ● | $270,000 for the payment of the administrative fee to our Sponsor ($15,000 per month for 18 months), 
 subject to deferral as described herein;                                                             |

| ● | $60,000 as working capital and reserves (including potential deposits,                                                 
 finders’ fees, consulting fees or other similar compensation and down payments in connection with our initial business 
 combination); and                                                                                                      |
| ● | $40,000 for miscellaneous expenses                                                                                     |

<div align='center'>100</div>

If our estimates of the costs of undertaking due diligence and negotiating our initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial business combination; provided, however, that our insiders may, but are not obligated to, lend us funds as needed. Following our initial business combination, if our available cash is insufficient, we may need to obtain additional financing in order to meet our obligations.

Related Party Transactions

On November 5, 2024, in exchange for an aggregate
purchase price of $25,000, our Sponsor purchased 1,725,000 ordinary shares, 225,000 of which are subject to forfeiture. On February 12,
2025, the 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, of which 315,000 are subject to forfeiture.

On November 5, 2024, we entered into a promissory
note of an aggregate of $500,000 with our Sponsor. The loan will be payable without