Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 156

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 156
---
 to increase substantially after the consummation of this offering.

<div align='center'>99</div>

Liquidity, Capital Resources and Going Concern

As indicated in the accompanying financial statements, as of November 30, 2024, we had $311,000 in cash and a working capital deficit of $175,166. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty through this offering, although we cannot assure you that our plans to raise capital or to consummate an initial business combination will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.

Our liquidity needs have been satisfied to
date through receipt of approximately $25,000 from the sale of the founder shares and a $500,000 loan from our Sponsor evidenced by a
promissory note dated November 5, 2024. The principal balance of this promissory note shall be payable the date we consummate this
offering. We estimate that the net proceeds from (1) the sale of the shares in this offering, after deducting estimated offering expenses
of approximately $680,000 and underwriting discounts payable in cash of $450,000 (or $517,500 if the over-allotment option is exercised
in full) and (2) the sale of the private units for a purchase price of $2,182,500 (or $2,250,000 if the over-allotment option is exercised
in full) will be $61,052,500 (or $70,052,500 if the over-allotment option is exercised in full) (including the deferred underwriting
discounts and commissions). Of this amount, an aggregate of $60,000,000 (or $69,000,000 if the over-allotment option is exercised in
full), will be placed in the trust account. The balance will be held outside of trust for our use in funding our search process, estimated
to be approximately $1,052,500.

We intend to use substantially all of the
net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination and
to pay our expenses relating thereto, to pay holders who wish to convert or sell their shares to us for a portion of the funds held in
the trust account, and to pay the deferred underwriting fee of 4.0%