Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 177

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 177
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 Subsequent to our initial business combination, we may not have the resources or ability to compete effectively.

Facilities

We currently maintain our principal executive
offices at 1185 Avenue of the Americas, Suite 304, New York, NY 10036. The cost for the space is included in the Second Amendment of
Administrative Services Agreement entered into on March 7, 2025 between us and our Sponsor, commencing on the effective date of the registration
statement of which this prospectus forms a part through the earlier of the Company’s consummation of a business combination or
the Company’s liquidation. Pursuant to the Second Amendment of Administrative Services Agreement we will pay our Sponsor a monthly
fee of $20,000 per month for office space and administrative and support services. We consider our current office space, combined with
the other office space otherwise available to our executive officers, to be adequate for our current operations.

Employees

We have one executive officer. This individual is not obligated to devote any specific number of hours to our matters and intend to devote only as much time as he deems necessary to our affairs. The amount of time he will devote in any time period will vary based on whether a target business has been selected for the business combination and the stage of the business combination process the company is in. Accordingly, once a suitable target business has been identified, management will spend more time investigating such target business and negotiating and processing the business combination (and consequently spend more time on our affairs) than had been spent prior to locating a suitable target business. We do not intend to have any full-time employees prior to the consummation of our initial business combination.

Periodic Reporting and Audited Financial Statements

We will register our public units, public shares,
and public rights under the Securities Act and have reporting obligations under the Exchange Act, including the requirement that we file
annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual report will contain
financial statements audited by our independent registered public accountants.

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We will provide shareholders with audited financial statements of the prospective target business as part of any proxy solicitation materials or tender offer documents sent to shareholders to assist them in assessing the target business. These financial statements will need to be prepared in accordance with or reconciled to United States GAAP or IFRS as issued by the IASB. A particular target business identified by us as a potential business combination candidate