Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 62

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 62
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 more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

We intend to effectuate our initial business combination using cash from the proceeds of the Initial Public Offering (“IPO” as defined below), and the private placement of the private placement units, the proceeds of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and debt. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete an initial business combination will be successful.

Recent Developments

On April 22, 2025, the
Company entered into a finder’s agreement (the “Finders Fee Agreement”), by and between the Company and Hugh Grow Investment
Ltd. (the “Finder”). Pursuant to the Finders Fee Agreement, the Company agreed to pay the Finder a one-time, non-refundable
retainer fee in the amount of $350,000, payable upon the execution of Finders Fee Agreement (the “Retainer Fee”). The Company
also agreed to pay the Finder a success fee in the amount of $3,500,000, payable upon the closing (or closings) of a transaction (as
defined in the Finders Fee Agreement). In addition, the Company agreed to reimburse the Finder on a monthly basis for all reasonable,
actual, and verifiable out-of-pocket expenses incurred in connection with the Finder’s engagement under the agreement, provided
that such expenses shall not exceed $150,000 without the Company’s prior written approval. On April 29, 2025, the Company entered
into an amendment to the Finder’s Fee Agreement, pursuant to which the Retainer Fee was adjusted to $150,000. 

The Company acknowledges
and agrees that the Finder is not a registered broker-dealer under U.S. securities laws, and is not acting as a broker-dealer in connection
with the transaction.

16

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from November 5, 2024 (inception) through February 28, 2025, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business