Company: QSEA
Filing Date: 2025-02-03
Form Type: DRS/A
Source: 0001829126-25-000616
Chunk: 167

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-03
Form: DRS/A
Chunk 167
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, although we cannot assure you that our plans to raise capital or to consummate an initial business combination will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.

Our liquidity needs have been satisfied to date through receipt of approximately $25,000 from the sale of the founder shares and a $500,000 loan from our Sponsor evidenced by a promissory note dated November 5, 2024. The principal balance of this promissory note shall be payable the date we consummate this offering. We estimate that the net proceeds from (1) the sale of the shares in this offering, after deducting estimated offering expenses of approximately $680,000 and underwriting discounts payable in cash of $450,000 (or $517,500 if the over-allotment option is exercised in full) and (2) the sale of the private units for a purchase price of $2,150,000 (or $2,217,500 if the over-allotment option is exercised in full) will be $61,020,000 (or $70,020,000 if the over-allotment option is exercised in full) (including the deferred underwriting discounts and commissions). Of this amount, an aggregate of $60,000,000 (or $69,000,000 if the over-allotment option is exercised in full), will be placed in the trust account. The balance will be held outside of trust for our use in funding our search process, estimated to be approximately $1,020,000.

We intend to use substantially all of the net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination and to pay our expenses relating thereto, to pay holders who wish to convert or sell their shares to us for a portion of the funds held in the trust account, and to pay the deferred underwriting fee of 4.0% of the gross proceeds of the Proposed Public Offering, or $2,400,000 (or $2,760,000 if the over-allotment option is exercised in full), and such deferred fee shall be capped at such amount so remaining in the Trust Account. To the extent that our ordinary shares are used in whole or in part as consideration to affect our initial business combination, the remaining proceeds held in the trust account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds