Company: QSEA
Filing Date: 2025-10-20
Form Type: 10-Q
Source: 0001829126-25-008252
Chunk: 2

Company: Quartzsea Acquisition Corp
Filing Date: 2025-10-20
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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able ordinary shares(1)

    3,129,900

    2,887,276

    Basic and diluted net income per share, non-redeemable ordinary shares
     
    $
    0.03

    $
    0.03

    (1)

     Excludes an aggregate of up to 378,000 shares of ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). Ordinary shares have been retroactively restated to reflect two amendments to the Subscription Agreement, which allowed the Sponsor to increase the purchase of ordinary shares initially from 1,725,000 to 2,415,000, then to 2,898,000 shares for $25,000, including an aggregate of up to 378,000 ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5).
                     
                    As a result of the underwriter full exercise of its over-allotment option to purchase 1,080,000 units on March 19, 2025, no shares were subject to forfeiture.  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

QUARTZSEA ACQUISITION CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT) EQUITY

FOR THE THREE AND NINE MONTHS ENDED AUGUST 31, 2025

    Additional

    Total Shareholders’

    Ordinary Shares

    Paid-in

    Accumulated

    Equity

    Shares

    Amount

    Capital

    Deficit

    (Deficit)

    Balance – November 30, 2024(1)

    2,898,000

    $
    290

    $
    24,710

    $
    (10,166
    )
     
    $
    14,834

    Net loss

    -

    -

    -

    (31,255
    )

    (31,255
    )
  
    Balance – February 28, 2025(1)

    2,898,000

    $
    290

    $
    24,710

    $
    (41,421
    )
     
    $
    (16,421
    )
  
    Issuance