Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 22

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 earlier of (i) 10 months after the consummation of the initial business combination (or the liquidation of the Trust Account in the event that the Company fails to consummate its initial business combination within the prescribed time period) or (ii) 36 months after the consummation of the IPO in accordance with FINRA Rule 5110(g)(6)(A) to act as lead financial advisor, capital markets advisor, underwriter and/or private placement agent in connection with any initial business combination or in connection with any financing that occurs between the closing of the IPO and the date that is the earlier of (i) 10 months after the closing of the initial business combination or (ii) 36 months after the consummation of the IPO.

Finder’s Fee Agreement

On April 22, 2025, the Company entered into the Finder’s
Fee Agreement with Hugh Grow Investment Ltd. (the “Finder”). Pursuant to the Finder’s Fee Agreement, the Company agreed
to pay the Finder a one-time, non-refundable retainer fee in the amount of $350,000,
payable upon the execution of Finder’s Fee Agreement (the “Retainer Fee”). The Company also agreed to pay the Finder
a success fee in the amount of $3,500,000,
payable upon the closing (or closings) of a potential target company introduced by the Finder. In addition, the Company agreed to reimburse
the Finder on a monthly basis for all reasonable, actual, and verifiable out-of-pocket expenses incurred in connection with the Finder’s
engagement under the agreement, provided that such expenses shall not exceed $150,000
without the Company’s prior written approval. On April 29, 2025, the Company entered into an amendment to the Finder’s Fee
Agreement, pursuant to which the Retainer Fee was adjusted to $150,000.
As of May 31, 2025, the Retainer Fee was not paid, and the Company accrued $150,000
in the accompanying balance sheet.

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Note 7 — Shareholders’ (Deficit) Equity

Ordinary shares — The Company is authorized to issue up to 500,000,000 ordinary shares, par value $0.0001 per share. Holders of ordinary shares are entitled to one vote for each share held on all matters to be voted on by the shareholders, except as required by law. On November 5, 2024, the Company issued to