Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 44

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 proceeds not held in the Trust Account on March 19, 2025.

Working Capital Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor, the Company’s officers and directors, or their affiliates/designees may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. If the Company completes the initial Business Combination, it would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such working capital loans (“Working Capital Loans”) may be convertible into private units, at a price of $10.00 per unit at the option of the lender, upon consummation of its initial Business Combination. The units would be identical to the Private Placement Units.

As of February 28, 2025 and November 30, 2024, the Company had no borrowings under the Working Capital Loans.

    12

Administrative Services Agreement

The Company entered into an Administrative Services Agreement with the Sponsor on November 5, 2024, commencing on the effective date of the registration statement of the initial public offering through the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation, to pay the Sponsor a total of $20,000 per month for office space and administrative and support services. On February 12, 2025, the Company and the Sponsor entered into the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $15,000. On March 7, 2025, the Company and the Sponsor entered into the Second Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $20,000.

Note 6 — Commitments and Contingencies

Risks and Uncertainties

Various social and political circumstances in the
U.S. and around the world (including rising trade tensions between the U.S. and China, and other uncertainties regarding actual and potential
shifts in the U.S. and foreign, trade, economic and other policies with other countries), may contribute to increased market volatility
and economic uncertainties or deterioration in the U.S. and worldwide.

As a result of these circumstances and the