Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 55

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 adopting ASU 2023-09 on its financial statements. As a Cayman Island entity, the Company is not subject to income taxes, as such, the Company does not expect any impact of adopting ASU 2023-09 on its financial statements.

Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 — Initial Public Offering

On March 19, 2025, the Company sold 8,280,000 Units (including full over-allotment of 1,080,000 units), at a price of $10.00 per Unit. Each Unit consists of one ordinary share, par value $0.0001 per share and one right (the “Public Right”). Each Public Right entitles the holder to purchase one-fifth (1/5) of one ordinary share upon the consummation of the Company’s initial Business Combination. The Company will not issue fractional shares.

Note 4 — Private Placement

Simultaneously with the closing of the IPO, the Sponsor
purchased an aggregate of 231,900
Private Units at a price of $10.00
per Private Unit for an aggregate purchase price of $2,319,000.
Each Private Unit was identical to the Public Units sold in the IPO, except that they are not registered under the Securities Act. Additionally,
the Sponsor has agreed not to transfer, assign, or sell any of the private units or the securities underlying such private units at least
30 days following the consummation of our business combination.

Each Private Unit consists of one ordinary share (“Private Share”) and one right (“Private Right”). Each Private Right will convert into one-fifth (1/5) of one ordinary share upon the consummation of a Business Combination. The proceeds from the Private Units were added to the proceeds from the IPO which were deposited in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

Note 5 — Related Party Transactions

Founder Shares

On November 5, 2024, the Company issued to the Sponsor 1,725,000 ordinary shares for an aggregated consideration of $25,000, or approximately $0.0145 per ordinary share. On February