Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 157

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 157
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 elected to recognize the changes immediately.                                                                                                                                                                                 |
| (4) | The actual number of ordinary shares has been retroactively restated                                                                                                                                                                                                    
 to reflect an amendment to the Subscription Agreement, which allowed the Sponsor to increase the purchase of ordinary shares from                                                                                                                                       
 1,725,000 to 2,415,000 shares for $25,000, including an aggregate of up to 315,000 ordinary shares subject to forfeiture if the over-allotment                                                                                                                          
 option is not exercised in full or in part by the underwriters.                                                                                                                                                                                                         |
| (5) | As adjusted number assumes the over-allotment option has been exercised                                                                                                                                                                                                 
 and an aggregate of 315,000 ordinary shares have been included as a result thereof. Includes 218,250 private shares underlying the                                                                                                                                      
 private units purchased by the Sponsor concurrent with this offering.                                                                                                                                                                                                   |

<div align='center'>100</div>

<div align='center'>Management’s Discussion and Analysis of

Financial Condition and Results of Operations</div>

We are a blank check company incorporated as a Cayman Islands exempted company on November 5, 2024 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region. We intend to utilize cash derived from the proceeds of this offering and the private placement of the private units, our securities, debt or a combination of cash, securities and debt, in effecting our initial business combination. The issuance of additional ordinary shares in our initial business combination:

| ● | may significantly dilute the equity interest of our investors in this offering who may not have pre-emption rights in respect of any such issuance; |

| ● | will likely cause a change in control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the resignation or removal of our present officers, directors, and director nominees; and |

| ● | may adversely affect prevailing market prices for our securities. |

Similarly, if we issue debt securities, it could result in:

| ● | default and foreclosure if after, our initial business combination, our operating revenues are insufficient to pay our debt obligations; |

| ● | acceleration of our obligations to repay the indebtedness even if we have made