Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 193

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 193
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 to maintain the ownership of our initial shareholders at 35% of our issued and outstanding ordinary
shares upon the consummation of this offering (excluding the private shares and assuming they do not purchase any public units in this
offering). Because of this ownership block, our initial shareholders may be able to effectively influence the outcome of all matters
requiring approval by our shareholders, including the election of directors, amendments to our memorandum and articles of association
and approval of significant corporate transactions, including approval of our initial business combination.

Our Sponsor has committed to purchase an aggregate
of 245,000 private units at $10.00 per private unit for a total purchase price of $2,450,000 from us. Our Sponsor has also agreed that
if the over-allotment option is exercised by the underwriters in full or in part, they and/or their designees will purchase from us up
to an additional 11,250 private units at a price of $10.00 per unit in an amount that is necessary to maintain in the trust account $10.05
per unit sold to the public in this offering. This purchase will occur by way of private placements contemporaneous to the consummation
of this offering. The private units are identical to the public units sold in this offering. Additionally, the Sponsor has agreed not
to transfer, assign, or sell any of the private units or underlying securities until at least 30 days following the consummation of our
initial business combination.

In order to meet our working capital needs following
the consummation of this offering, our insiders may, but are not obligated to lend funds to us on a non-interest bearing basis, from
time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory
note. The notes may be repaid either upon consummation of our initial business combination, without interest, or, at the holder’s
discretion, up to $1,500,000 of the notes may be converted into private units at a price of $10.00 per unit. If we do not complete a
business combination, any outstanding loans from our insiders or their affiliates will be repaid only from amounts not held in our trust
account, if any.

Our Sponsor and our Chief Executive Officer are deemed
to be our “promoters,” as that term is defined under the federal securities laws.

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