Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 193

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 193
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 be evidenced by a promissory
note. The notes may be repaid either upon consummation of our initial business combination, without interest, or, at the holder’s
discretion, up to $1,500,000 of the notes may be converted into private units at a price of $10.00 per unit. If we do not complete a
business combination, any outstanding loans from our insiders or their affiliates will be repaid only from amounts not held in our trust
account, if any.

Our Sponsor and our Chief Executive Officer are deemed
to be our “promoters,” as that term is defined under the federal securities laws.

<div align='center'>125</div>

<div align='center'>Certain Relationships and Related Party Transactions</div>

On November 5, 2024, our Sponsor purchased
1,725,000 ordinary shares for an aggregate purchase price of $25,000. On February 12, 2025, the Company and the Sponsor entered into
the First Amendment to the Subscription Agreement, pursuant to which the purchased amount of shares was adjusted to 2,415,000 ordinary
shares, $0.0104 per ordinary share. If the underwriters do not exercise the over-allotment option in full, up to 315,000 ordinary shares
shall be forfeited. The number of founder shares issued was determined based on the expectation that the founder shares would represent
35% of the outstanding shares after this offering.

If the underwriters determine that the size of
the offering should be increased (including pursuant to Rule 462(b) under the Securities Act) or decreased, a share dividend or
a contribution back to the Sponsor, as applicable, would be effectuated in order to maintain its pre-IPO ownership interest at 35% of
our issued and outstanding shares after this offering (excluding the private shares and assuming it does not purchase any units in this
offering).

On November 5, 2024, we entered into a promissory
note of an aggregate of $500,000 with our Sponsor. The loan will be payable without interest on the earlier of the consummation of this
offering, or the liquidation of the Company. If the offering is consummated, the loan will be repaid out of the proceeds of this offering
not being placed in trust.

Our Sponsor has committed that they and/or
their designees will purchase an aggregate of 218,250 private units (or 225,000 private