Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 118

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 118
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 Sponsor, officers, nor directors have expressed an intention to
purchase any units in this public offering. The founder shares will be worthless if we do not complete an initial business combination,
especially because, pursuant to letter agreement, the holders of the Sponsor shares and private units have or will have waived their
right to claim funds held in the trust account in connection with any redemption of shares. Holders of founder shares and private units
have agreed (A) to vote any shares owned by them in favor of any proposed initial business combination (if permitted by law or regulation)
and (B) not to redeem any founder shares in connection with a shareholder vote to approve a proposed initial business combination. In
addition, any loans from our Sponsor will not be repaid if our business combination is not consummated. In addition, we may obtain loans
from our Sponsor, affiliates of our Sponsor or an officer or director. In the scenario wherein an initial business combination is not
consummated within 15 months, our governing documents provide that all public shares will be redeemable for a pro rata portion of the
funds held in the trust account and any interest paid thereon; provided, however, that such claims shall be limited by (i) prior disbursements
to us attributable to interest accrued, and (ii) creditor claims as a result of taxable events or otherwise. Upon settlement of all creditor
claims and shareholder disbursements, the company will dissolve and, subject to Cayman Islands law, all shareholder rights will terminate.
The Sponsor has waived any right to the proceeds held in trust in such a scenario pursuant to the trust agreement. As such, the Sponsor’s
investment capital would be forfeited while in the case of a merger, the capital would not be forfeited. Moreover, Qi Gong our Chairwoman,
Chief Executive Officer, Chief Financial Officer, and Director owns all of the outstanding interest of our Sponsor. The personal and
financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination,
completing an initial business combination and influencing the operation of the business following the initial business combination.

The shares beneficially owned by our insiders, officers and directors will not participate in a redemption and, therefore, our insiders, officers and directors may have a conflict of interest in determining whether a particular target business is appropriate for our initial business combination.

Our Sponsor, directors, officers, and other insiders have waived their redemption rights with respect to their shares if we are unable to consummate our