Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 119

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 119
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 will be paid by us out of loans by our Sponsor and interest earned on the trust account. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred in connection with activities on our behalf. In addition, at the closing of our initial public offering, our Sponsor will be repaid an aggregate of $500,000 by our Company pursuant to certain promissory note dated November 5, 2024. The principal balance of this promissory note shall be payable on the date on which our Company closes an initial public offering of its securities. The principal balance may be prepaid at any time. These financial interests of our Sponsor, officers, and directors may influence their motivation in identifying and selecting a target business combination and completing an initial business combination.

Members of our management team will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination.

The members of our management team are not
required to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their
time between our operations and our search for our initial business combination and their other businesses. Specifically, our Chief
Executive Officer is also the director of Yotta and Quetta, although Yotta and Quetta have each executed a definitive merger
agreement with a target company in connection with their respective initial business combinations. Our director nominee, Daniel M.
McCabe, is also the director of Yotta, Quetta and Black Hawk. Yotta and Quetta have each executed a definitive merger agreement with
a target company in connection with their respective initial business combinations. Black Hawk is still searching for a target. We
do not intend to have any full-time employees prior to the completion of our initial business combination. The members of our
management team may be engaged in other business endeavors for which they may be entitled to substantial compensation, and our
officers are not obligated to contribute any specific number of hours per week to our affairs. Our directors may also serve as
officers or board members for other entities. If a person’s other business affairs require them to devote substantial amounts
of time to such affairs in excess of their current commitment levels, it could limit their ability to devote time to our affairs
which may have a negative impact on our ability to complete our initial business combination. For further discussion of our
officers’ and directors’ other