Company: QSEA
Filing Date: 2025-02-03
Form Type: DRS/A
Source: 0001829126-25-000616
Chunk: 92

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-03
Form: DRS/A
Chunk 92
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 “foreign person” (in each case, as such terms are defined in 31 C.F.R. Part 800) that might be considered by CFIUS to be a covered transaction that CFIUS would have authority to review

Our sponsor, Blue Jay Investment LLC, is currently controlled by Ms. Qi Gong, a United States’ resident who is the manager of Blue Jay Investment LLC. As of the date of this prospectus, our Sponsor is not a foreign person as such terms are defined in 31 C.F.R. Part 800. If we seek or receive investments from a non-U.S. investor, and the terms of such investment may confer such rights, authorities or votes that could result in “control” by such non-U.S. investors as defined under 31 C.F.R. Section 800.208 among other parts, we could potentially be subject to such foreign ownership restrictions and/or CFIUS review.

Based on our preliminary analysis, we do not anticipate that Ms. Qi Gong would be considered a “non-U.S. person,” for purposes of CFIUS review. Ms. Qi Gong is a permanent resident of the United States and a Chinese foreign national. Under CFIUS rules and regulations, as defined in 31 C.F.R. § 800.224, a “foreign person” (commonly referred to as a “non-U.S. person”) is defined as (1) any foreign national, foreign government, or foreign entity; or (2) any entity over which control is exercised or exercisable by a foreign national, foreign government, or foreign entity. Furthermore, 31 C.F.R. § 800.220(a) provides that a "foreign national" includes any individual who is not a U.S. citizen or lawful permanent resident of the United States.

In this case, Ms. Gong is a lawful permanent resident of the United States. Under 31 C.F.R. § 800.220(c), individuals who hold U.S. lawful permanent resident status are expressly excluded from the definition of a “foreign national.” Consequently, as a lawful permanent resident, Ms. Gong is not considered a “foreign person” under the CFIUS rules and is therefore not a "non-U.S. person" for purposes of CFIUS review, regardless of her Chinese nationality. The status of our Sponsor is similarly unaffected because it is controlled by Ms. Gong, who is not considered a “foreign person” under the applicable regulations. Therefore, based on our preliminary analysis, we