Company: QSEA
Filing Date: 2025-02-03
Form Type: DRS/A
Source: 0001829126-25-000616
Chunk: 165

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-03
Form: DRS/A
Chunk 165
---
 be classified outside of permanent equity. Given that the 6,000,000 ordinary shares sold as part of the units in the offering will be issued with other freestanding instruments (i.e., public units), the initial carrying value of ordinary shares classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. Our ordinary shares is subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, we have the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable), if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. We have elected to recognize the changes immediately. |
| (4) | Assumes the over-allotment option has not been exercised and an aggregate of 225,000 ordinary shares have been forfeited as a result thereof. Includes 215,000 private shares underlying the private units purchased by the Sponsor concurrent with this offering.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

<div align='center'>98</div>

<div align='center'>Management’s Discussion and Analysis of

Financial Condition and Results of Operations</div>

We are a blank check company incorporated as a Cayman Islands exempted company on November 5, 2024 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region. We intend to utilize cash derived from the proceeds of this offering and the private placement of the private units, our securities, debt or a combination of cash, securities and debt, in effecting our initial business combination. The issuance of additional ordinary shares in our initial business combination:

| ● | may significantly dilute the equity interest of our investors in this offering who may not have pre-emption rights in respect of any such issuance; |

| ● | will likely cause a change in control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the resignation or removal of our