Company: QSEA
Filing Date: 2025-10-20
Form Type: 10-Q
Source: 0001829126-25-008252
Chunk: 3

Company: Quartzsea Acquisition Corp
Filing Date: 2025-10-20
Form: 10-Q
Item: Part I, Item 1
Chunk 3
---
 of Private Placement Units

    231,900

    23

    2,318,977

    -

    2,319,000

    Issuance of Public Rights net of issuance costs

    -

    -

    1,804,080

    -

    1,804,080

    Remeasurement of carrying value to redemption value

    -

    -

    (6,858,776
    )

    -

    (6,858,776
    )
  
    Accretion of additional paid-in capital to accumulated deficit

    -

    -

    2,711,009

    (2,711,009
    )

    -

    Net loss

    -

    -

    -

    (27,147
    )

    (27,147
    )
  
    Balance – May 31, 2025

    3,129,900

    $
    313

    $
    -

    $
    (2,779,577
    )
     
    $
    (2,779,264
    )
  
    Remeasurement of carrying value to redemption value

    -

    -

    -

    (879,546
    )

    (879,546
    )
  
    Net income

    -

    -

    -

    318,847

    318,847

    Balance – August 31, 2025

    3,129,900

    $
    313

    $
    -

    $
    (3,340,276
    )
     
    $
    (3,339,963
    )

    (1)

     Ordinary shares have been retroactively restated to reflect two amendments to the Subscription Agreement, which allowed the Sponsor to increase the purchase of ordinary shares initially from 1,725,000 to 2,415,000, then to 2,898,000 shares for $25,000, including an aggregate of up to 378,000 ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5).
                     
                    As a result of the underwriter full exercise of its over-allotment option to purchase 1,080,000 units on March 19, 2025, no shares were subject to forfeiture.  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

QUARTZSEA ACQUISITION