Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 262

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 262
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actively restated to reflect an amendment to the Subscription Agreement, which allowed the Sponsor to 
 increase the purchase of ordinary shares from 1,725,000 to 2,415,000 shares for $25,000, including an aggregate of up to 315,000     
 ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 
 5 and Note 9).                                                                                                                       |

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

F-4</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY

FOR THE PERIOD FROM NOVEMBER 5, 2024 (INCEPTION) THROUGH NOVEMBER 30, 2024</div>

|                                 |     | Ordinary 
 Shares   
 Shares   |           |     | Amount |     |     | Additional 
 Paid-in    
 Capital    |        |     | Accumulated 
 Deficit     |         |   |     | Total         
 Shareholders’ 
 Equity        |         |   |
|:--------------------------------|:----|:---------|----------:|:----|:-------|----:|:----|:-----------|-------:|:----|:------------|:--------|:--|:----|:--------------|--------:|:--|
| Balance                         
 – November 5, 2024 (Inception)  |     |          |         - |     | $      |   - |     | $          |      - |     | $           | -       |   |     | $             |       - |   |
| Founder                         
 shares issued to the Sponsor(1) |     |          | 2,415,000 |     |        | 242 |     |            | 24,758 |     |             | -       |   |     |               |  25,000 |   |
| Net                             
 loss                            |     |          |         - |     |        |   - |     |            |      - |     |             | (10,166 | ) |     |               | (10,166 | ) |
| Balance                         
 – November 30, 2024             |     |          | 2,415,000 |     | $      | 242 |     | $          | 24,758 |     | $           | (10,166