Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 148

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 148
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 to invest in us.

We will likely use substantially all of the net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination and to pay our expenses relating thereto, to pay holders who wish to convert or sell their shares to us for a portion of the funds held in the trust account, and to pay the deferred underwriting fee of 4.0% of the gross proceeds of the Proposed Public Offering, or $2,400,000 (or $2,760,000 if the over-allotment option is exercised in full), and such deferred fee shall be capped at such amount so remaining in the Trust Account. To the extent that our ordinary shares are used in whole or in part as consideration for our initial business combination, the proceeds held in the trust account which are not used to consummate a business combination will be disbursed to the combined company and will, along with any other net proceeds not expended, be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways, including continuing or expanding the target business’s operations, for strategic acquisitions and for marketing, research, and development of existing or new products.

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To the extent we are unable to consummate a business combination, we will pay the costs of liquidation from our remaining assets outside of the trust account if we are forced to liquidate.

We believe that, upon consummation of this
offering, we will have sufficient available funds to operate for the next 15 months. However, if necessary, in order to meet our working
capital needs following the consummation of this offering, our insiders may, but are not obligated to, loan us funds on a non-interest
bearing basis, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be
evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest,
or, at the holder’s discretion, up to $1,500,000 may be converted into private units at a price of $10.00 per unit.

A public shareholder will be entitled to receive funds from the trust account only in the event of (1) our redemption of 100% of the outstanding public shares if we have not completed a business combination in the required time period, (2) if that public shareholder elects