Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 221

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 221
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 are not proposing to act illegally                                                                                          
 or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;       |
| ● | the shareholders have been fairly                                                                                              
 represented at the meeting in question;                                                                                        |
| ● | the arrangement is such as a businessman                                                                                       
 would reasonably approve; and                                                                                                  |
| ● | the arrangement is not one that would                                                                                          
 more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.” |

If a scheme of arrangement or takeover offer (as
described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive
payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders
of U.S. corporations.

Squeeze-out Provisions. When a takeover offer is made and accepted by holders of 90% of the shares
to whom the offer is made within four months, the offer or may, within a two-month period,
require the holders of the remaining shares to transfer such shares on the terms of the offer.
An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to
succeed unless there is evidence of fraud, bad faith, collusion, or inequitable treatment
of the shareholders.

Further, transactions similar to a merger, reconstruction
and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital
exchange, asset acquisition or control, or through contractual arrangements of an operating business.

Shareholders’ Suits. In principle, we
will normally be the proper plaintiff to sue for a wrong done to us as a company and as a general rule, a derivative action may not be
brought by a shareholder. However, based on English law authorities, which would in all likelihood be of persuasive authority in the
Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle
and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions
in the name of the company to challenge:

| ● | an act which is illegal or ultra vires                                                                                              
 with respect to the company and is therefore incapable of ratification by the shareholders;                                         |
| ● | an act which, although