Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 8

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 8
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1) mainland China of the People’s Republic of China because of a position taken by one or more authorities in
mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more
authorities in Hong Kong. In addition, the PCAOB’s report identified the specific registered public accounting firms which are
subject to these determinations.. Our auditor CBIZ CPAs P.C. is headquartered in Kansas City, Missouri, and has been inspected by the
PCAOB on a regular basis. Our auditor was not identified in this report as a firm subject to the PCAOB’s determination. Notwithstanding
the foregoing, in the event that we complete a business combination with a company with substantial operations in China or Hong Kong
and PCAOB is not able to fully conduct inspections of our auditor’s work papers in China or Hong Kong, it could cause us to fail
to be in compliance with U.S. securities laws and regulations, we could cease to be listed on a U.S. securities exchange, and U.S. trading
of our shares could be prohibited under the HFCAA. On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol
with the China Securities Regulatory Commission (the “CSRC”) and the Ministry of Finance (the “MOF”) of the People’s
Republic of China, governing inspections and investigations of audit firms based in mainland China and Hong Kong. The Protocol remains
unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed
by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and the unfettered
ability to transfer information to the SEC. On December 15, 2022, the PCAOB announced in its 2022 HFCAA Determination Report (the “2022
Determination”) its determination that the PCAOB was able to secure complete access to inspect and investigate accounting firms
headquartered in mainland China and Hong Kong, and the PCAOB Board voted to vacate previous determinations to the contrary. Should the
PCAOB again encounter impediments to inspections and investigations in mainland China or Hong Kong as a result of positions taken by
any authority in either jurisdiction, including by the CSRC or the MOF, the PCAOB will make determinations under the HFCAA as and when
appropriate. On December 23, 2022