Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 49

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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800,000. Simultaneously with the IPO, the Company sold to its Sponsor 231,900 Private Units at $10.00 per Private Unit in a private placement generating total gross proceeds of $2,319,000.

On March 19, 2025, the Company repaid the outstanding
Promissory Note balance of $500,000
to the Sponsor upon the closing of the IPO.

On April 22, 2025, the Company entered into
the Finders Fee Agreement with Hugh Grow Investment Ltd. (the “Finder”). Pursuant to the Finders Fee Agreement, the
Company agreed to pay the Finder a one-time, non-refundable retainer fee in the amount of $350,000,
payable upon the execution of Finders Fee Agreement (the “Retainer Fee”). The Company also agreed to pay the Finder a success fee in the amount of
$3,500,000,
payable upon the closing (or closings) of a transaction (as defined in the Finders Fee Agreement). In addition, the Company agreed to reimburse the Finder on a monthly
basis for all reasonable, actual, and verifiable out-of-pocket expenses incurred in connection with the Finder’s engagement under
the agreement, provided that such expenses shall not exceed $150,000 without the Company’s prior written approval. On April 29,
2025, the Company entered into an amendment to the Finder’s Fee Agreement, pursuant to which the Retainer Fee was adjusted to $150,000.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References to the “Company,” “our,” “us” or “we” refer to Quartzsea Acquisition Corporation. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes related thereto. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including