Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 147

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 147
---
 redemption of public shares in connection
with a business combination or a shareholder vote to amend our Memorandum and Articles of Association. The proceeds held in the trust
account may be used as consideration to pay the sellers of a target business with which we complete our initial business combination
to the extent not used to satisfy shareholder redemption requests. Any amounts not paid as consideration to the sellers of the target
business may be used to finance operations of the acquired business.

No compensation of any kind (including finder’s
fees, consulting fees, or other similar compensation) will be paid to our insiders, members of our management team, or any of our or
their respective affiliates, for services rendered to us prior to or in connection with the consummation of our initial business combination
(regardless of the type or form of transaction). On November 5, 2024, the Company and the Sponsor entered into an Administrative
Services Agreement, commencing on the effective date of the registration statement of the initial public offering through the earlier
of our consummation of a business combination or the Company’s liquidation, pursuant to which the Company will pay the Sponsor
a total of $20,000 per month for office space, administrative and support services. On February 12, 2025, the Company and the Sponsor
entered into the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $15,000.
Since the role of present management after our initial business combination is uncertain, we have no ability to determine what remuneration,
if any, will be paid to those persons after our initial business combination.

The net proceeds from this offering and the
private sale of units to the Sponsor that will be available to us out of trust for our working capital requirements in searching for
our initial business combination will be approximately $1,020,000. This is in addition to the $500,000 loan made to us by our Sponsor
pursuant to a promissory note dated November 5, 2024. The principal balance of this promissory note shall be payable the date on
which we close this offering. The allocation of the net proceeds available to us outside of the trust account represents our best estimate
of the intended uses of these funds. In the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds
within the above-described categories. If our estimate of the costs of undertaking due diligence and negotiating our initial business
combination is less than the actual