Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 205

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 205
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 held by them if we fail to complete our initial business combination within 15 months from the consummation of this
offering.

If we are unable to consummate our initial
business combination within such time period, we will, as promptly as possible but not more than ten (10) business days thereafter, redeem
100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, including a pro rata portion of
any interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000 of
interest to pay liquidation and dissolution expenses), and then seek to liquidate and dissolve. However, we may not be able to distribute
such amounts as a result of claims of creditors which may take priority over the claims of our public shareholders. In the event of our
liquidation and subsequent dissolution, the rights will expire and will be worthless.

In the event of a liquidation, dissolution or winding
up of the company after an initial business combination, our shareholders are entitled to share pro rata in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of share, if any, having preference
over the ordinary shares. Our shareholders have no pre-emptive or other subscription rights. There are no sinking fund provisions applicable
to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash
equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business
combination, subject to the limitations described herein.

Our Sponsor, officers, and directors will have
entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to participate in any liquidation distribution
from the trust account occurring upon our failure to consummate an initial business combination with respect to the founder shares. Our
Sponsor, officers and directors will therefore not participate in any liquidation distribution from the trust account with respect to
such shares. They will, however, participate in any liquidation distribution from the trust account with respect to any public shares
acquired in, or following, this offering.

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Public shareholders will have the right to
sell their public shares to us in any tender offer; to have their public shares redeemed for cash in the amount of their pro rata claim
to the funds held