Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 267

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 267
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outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required
to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). Upon
the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00 per Unit sold in the Proposed
Public Offering, including the proceeds from the sale of the Private Units, net of the underwriters’ fees and expenses described
herein and other accountable expenses, will be placed in the Trust Fund and will be invested only in U.S. government treasury bills,
bonds or notes with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act of 1940 and which invest solely in U.S. Treasuries. The Trust Fund will be deposited into a trust account (“Trust
Account”) in the U.S. to be released only in the event of either: (i) the consummation of a Business Combination or (ii) the Company’s
failure to complete a Business Combination within the applicable period of time.

The Company will provide its holders of the outstanding
Public Shares (the “Public shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the
completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or
(ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct
a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public
Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per public share, plus any
pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income
tax obligations). The Public Shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon
the completion of the Proposed Offering in accordance with the Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing
Liabilities from Equity.”

<div align='center'>F-7</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 1 — Description