Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 216

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 216
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 order
made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator
or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property
or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction
whereby the rights of creditors of the foreign company are and continue to be suspended or restricted. Where the surviving company is
the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration
to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the
foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud
unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company
to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived, (b) the transfer
is permitted by and has been approved in accordance with the constitutional documents of the foreign company, and (c) the laws of the
jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will,
upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign
jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

<div align='center'>137</div>

Where
the above procedures are adopted, the Companies Act provides certain limited appraisal rights
for dissenting shareholders to be paid a payment of the fair value of his or her shares upon
their dissenting to the merger or consolidation if they follow a prescribed procedure. In
essence, that procedure is as follows: (a) the shareholder must give his written objection
to the merger or consolidation to the constituent company before the vote on the merger or
consolidation, including a statement that the shareholder proposes to demand payment for
his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following
the date on which the merger or consolidation is approved by the shareholders,