Company: QSEA
Filing Date: 2025-02-03
Form Type: DRS/A
Source: 0001829126-25-000616
Chunk: 197

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-03
Form: DRS/A
Chunk 197
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, Our Chief Executive Officer, Ms.        
 Qi Gong, has conflicts of interest with respect to evaluating a particular business combination because she has fiduciary and contractual      
 duties to Yotta and Quetta, although Yotta has executed a definitive merger agreement with a target company in connection with its initial     
 business combination. Quetta is still searching for a target. Our director nominee, Daniel M. McCabe, has conflicts of interest with respect   
 to evaluating a particular business combination because he is a director of, and has fiduciary duties to, each of Yotta, Quetta and Black      
 Hawk. These conflicts of interests of may limit the number of potential targets that our management presents to us for purposes of completing  
 a business combination. Specifically, if they becomes aware of a business combination opportunity that falls within the line of business       
 of any entity to which they have then-existing fiduciary or contractual obligations, they may be required to present such business combination 
 opportunity to such entity prior to presenting such business combination opportunity to us.                                                    |

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| ● | Unless we consummate our initial business combination, our officers, directors, and director nominees, and other insiders will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount of available proceeds not deposited in the trust account. |

| ● | The founder shares beneficially owned by our officers, directors, and director nominees will be released from trust only if our initial business combination is successfully completed. Additionally, if we are unable to complete an initial business combination within the required time frame, our officers, directors, and director nominees will not be entitled to receive any amounts held in the trust account with respect to any of their founder shares or private units. Furthermore, our Sponsor, Blue Jay Investment LLC, agreed that the private units will not be sold or transferred by it until we have completed our initial business combination. For the foregoing reasons, our board may have a conflict of interest in determining whether a particular target business is an appropriate business with which to affect our initial business combination. |

| ● | Our Sponsor is currently controlled by Ms. Qi Gong, our Chairwoman, Chief Executive Officer, Chief Financial Officer, and Director, thus, Ms. Qi Gong currently holds voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. Our Sponsor purchased 1,725,000 of our ordinary shares for $25,000, a nominal price, which we refer to herein as founder shares. Our