Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 267

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 267
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 obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the other Initial Shareholders have
agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares, and Private Shares
if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or the other Initial Shareholders
acquires Public Shares in or after the Proposed Public Offering, such Public Shares will be entitled to liquidating distributions from
the Trust Account if the Company fails to complete a Business Combination within the Combination Period.

<div align='center'>F-8</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 1 — Description of Organization and Business Operations (cont.)

In order to protect the amounts held in the Trust
Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amount of funds in the Trust Account to below $10.05 per public share, except as to any claims by a third party who executed a valid
and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies
held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of Proposed Public Offering
against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover,
in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the
extent of any liability for such third-party claims.

Going Concern Consideration

As of November 30, 2024, the Company had $311,000
in cash and a working capital deficit of $175,166. The Company has incurred and expects to continue to incur significant costs in pursuit
of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going
concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through
a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to