Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 241

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 241
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 if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that
such Non-U.S. Holder maintains in the United States). In addition, a Non-U.S. Holder generally will not be subject to United States federal
income tax on any gain attributable to a sale or other disposition of our ordinary shares or rights unless such gain is effectively connected
with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to
a permanent establishment or fixed base that such Non-U.S. Holder maintains in the United States).

Dividends (including constructive distributions treated
as dividends) and gains that are effectively connected with the Non-U.S. Holder’s conduct of a trade or business in the United
States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United
States) generally will be subject to United States federal income tax at the same regular United States federal income tax rates applicable
to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for United States federal income tax purposes,
also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

The treatment of the rights to acquire ordinary shares
is uncertain. The rights may be viewed as a forward contract, derivative security or similar interest in our company, and thus the holder
of the rights would not be viewed as owning the ordinary shares issuable pursuant to the rights until such ordinary shares are actually
issued. There may be other alternative characterizations of the rights that the IRS may successfully assert, including that the rights
are treated as equity in our company at the time the rights are issued. The tax consequences of an acquisition of our ordinary shares
pursuant to rights are unclear and will depend on the treatment of any initial business combination. Accordingly, Non-U.S. Holders should
consult their tax advisors regarding the tax consequences of an acquisition of ordinary shares pursuant to rights and the consequences
of any initial business combination.

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Information Reporting and Backup Withholding

Dividend payments (including constructive dividends)
with respect to our ordinary shares and proceeds from the sale, exchange or redemption of ordinary shares or rights may be subject to
information reporting to the IRS and possible United States backup withholding. Backup withholding will not apply, however, to payments
made to a U.S. Holder who