Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 135

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 135
---
5 per ordinary share. 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. The per ordinary share purchase price of the founder shares was
determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. After giving
effect of forfeiture of 315,000 ordinary shares assuming that the underwriter’s overallotment option is not exercised, the
resulting purchase price will be approximately $0.0119 per share. Our Chief Executive Officer owns 100% of the interest of our
Sponsor. No other party has any material indirect interest in our Sponsor. As a result, the low acquisition cost of the founder
shares creates an economic incentive whereby our Chief Executive Officer could potentially make a substantial profit even if we
complete a business combination with a target business that subsequently declines in value and is unprofitable for public
investors.

The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our public shares at such time is substantially less than $10.00 per public share.

Upon the consummation of this offering, assuming
no exercise of the underwriters’ over-allotment option, our Sponsor and its affiliates will have invested in us an aggregate of
$2,207,500, comprised of the $25,000 purchase price for the founder shares and the $2,182,500 purchase price for the private placement
units. Assuming a trading price of $10.00 per public share upon consummation of our initial business combination, the founder shares
(assuming no exercise of the over-allotment option) would have an aggregate implied value of $24,150,000, and the private shares (assuming
no exercise of the over-allotment option) would have an aggregate implied value of $2,182,500. As a result, our Sponsor is likely to
have the ability to recoup its investment in us and make a substantial profit on that investment, even if our public shares have lost
significant value. Accordingly, our management team, which owns interests in our Sponsor, may have an economic incentive that differs
from that of the public shareholders to pursue and consummate an initial business combination rather than to liquidate