Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 270

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 270
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 Description of Organization and Business Operations (cont.)

In order to protect the amounts held in the Trust
Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amount of funds in the Trust Account to below $10.00 per public share, except as to any claims by a third party who executed a valid
and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies
held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of Proposed Public Offering
against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover,
in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the
extent of any liability for such third-party claims.

Going Concern Consideration

As of November 30, 2024, the Company had $311,000
in cash and a working capital deficit of $175,166. The Company has incurred and expects to continue to incur significant costs in pursuit
of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going
concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through
a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate
a Business Combination will be successful within the Combination Period. On November 5, 2024, the Sponsor agreed to loan the Company
an amount of $500,000 as discussed in Note 5 to be used, in part, for transaction costs incurred in connection with the Proposed Public
Offering. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented
in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to
the rules and regulations of the SEC.

Emerging Growth Company

The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act