Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 265

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 265
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 Public Shareholders will be entitled to redeem their Public
Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per public share, plus any
pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income
tax obligations). The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon
the completion of the Proposed Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing
Liabilities from Equity.”

<div align='center'>F-7</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 1 — Description of Organization and Business Operations (cont.)

If the Company seeks shareholder approval, a majority
of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does
not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated memorandum
and articles of association, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission
(“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder
approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or legal reasons,
the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for
or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s
Sponsor and any of the Company’s officers or directors that may hold Founder Shares (as defined in Note 5) (the “Initial
Shareholders”) and the underwriters have agreed (a) to vote their Founder Shares, Private Shares (as defined in Note 4), and any Public Shares purchased during or after the Proposed Public Offering (other than Public Shares purchased outside of a redemption offer which may not be voted in favor of approving the business combination
transaction in accordance with the requirements of Rule 14e-5 under the Exchange Act and any SEC interpretations or guidance relating
thereto) in favor
of approving a Business Combination