Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 82

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 2
Chunk 82
---
ger. All shares will also be subject to all applicable holding periods and requirements under the Securities Act of 1933 and SEC rules.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from November 5, 2024 (inception) through May 31, 2025, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination.

We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

For the three months ended May 31,
2025, we had net loss of $27,147, which consisted of general and administrative expenses of $727,747, offset by interest income of
$700,600.

For the six months ended May 31, 2025,
we had net loss of $58,402, which consisted of general and administrative expenses of $761,251, offset by interest income of
$702,849.

19

Liquidity and Capital Resources

On March 19, 2025, we consummated our IPO of 7,200,000 units (the “Units”), at $10.00 per Unit. In connection with the closing of the IPO, the underwriter fully exercised its over-allotment option to purchase 1,080,000 additional Units for an aggregate of 8,280,000 Units sold. The Units were sold at an offering price of $10.00 per Unit, generating total gross proceeds of $82,800,000. Simultaneously with the closing of our IPO, we consummated the sale of 231,900 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement to the Sponsor, generating total gross proceeds of $2,319,000.

Upon the closing of the IPO and the private placement on March 19, 2025, a total of $82,800,000 from the net proceeds of the IPO and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”) maintained by Continental Stock Transfer & Trust