Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 225

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 225
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| ● | passive foreign investment companies; |

| ● | controlled foreign corporations; |

| ● | qualified foreign pension funds; |

| ● | expatriates or former long-term residents 
 of the United States;                     |

| ● | persons that actually or constructively        
 own five percent or more of our voting shares; |

| ● | persons that acquired our securities                                                                                              
 pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation 
 or in connection with services;                                                                                                   |

| ● | persons required for U.S. federal                                                                                         
 income tax purposes to conform the timing of income accruals to their financial statements under Section 451 of the Code; |

| ● | persons subject to the alternative 
 minimum tax;                       |

| ● | persons that hold our securities as                                                                       
 part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction; or |

| ● | U.S. Holders (as defined below) whose       
 functional currency is not the U.S. dollar. |

The discussion below is based upon current provisions
of the Code, applicable U.S. Treasury regulations promulgated under the Code (“Treasury Regulations”), judicial decisions
and administrative rulings of the IRS, all as in effect on the date hereof, and all of which are subject to differing interpretations
or change, possibly on a retroactive basis. Any such differing interpretations or change could alter the U.S. federal income tax consequences
discussed below. Furthermore, this discussion does not address any aspect of U.S. federal non-income tax laws, such as gift, estate or
Medicare contribution tax laws, or state, local or non-U.S. tax laws.

We have not sought, and will not seek, a ruling from
the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination
may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions
will not adversely affect the accuracy of the statements in this discussion.

As used herein, the term “U.S. Holder”
means a beneficial owner of units, ordinary shares and rights that is for U.S. federal income tax purposes: (i) an individual who is
a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax
purposes) that is created or