Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 262

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 262
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 period                    |     |   |        - |   |
| Cash                                         
 – end of the period                          |     | $ |  311,000 |   |

<div align='center'>The accompanying notes are an integral part of these
financial statements.

F-6</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 1 — Description of Organization and Business Operations

Quartzsea Acquisition Corporation (the “Company”)
is a newly organized blank check company incorporated under the laws of the Cayman Islands with limited liability on November 5,
2024. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or entities (“Business Combination”). The Company is not limited
to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth
company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of November 30, 2024, the Company had not
commenced any operations. All activities through November 30, 2024 are related to the Company’s formation and the proposed
initial public offering (“Proposed Public Offering”), which are described below. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the
form of interest income from the proceeds derived from the Proposed Public Offering. The Company has selected November 30 as its
fiscal year end.

The Company’s sponsor is Blue Jay Investment
LLC (the “Sponsor”), a Delaware limited liability company. The Company’s ability to commence operations is contingent
upon obtaining adequate financial resources through a Proposed Public Offering of 6,000,000 units (the “Units” and, with
respect to the shares of Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per
Unit (or 6,900,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3, and the
sale of 218,250 units (or 225,000 units if the underwriters’ over-allotment option is exercised in full) (the “Private Units”)
at a price of