Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 29

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 29
---
 number of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% test. If the business combination involves more than one target business, the 80% test will be based on the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business combination for purposes of a tender offer or for seeking shareholder approval, as applicable.

The net proceeds of this offering released
to us from the trust account upon the closing of our initial business combination may be used as consideration to pay the sellers of
a target business with which we complete our initial business combination. If our initial business combination is paid for using equity
or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection with
our initial business combination or used for redemption of our public shares, we may use the balance of the cash released to us from
the trust account following the closing for general corporate purposes, including for maintenance or expansion of operations of the post-transaction
businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund
the purchase of other companies or for working capital. In addition, we may need to raise additional financing in connection with the
closing of our initial business combination to be used following the closing for general corporate purposes as described above. There
is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances
or other indebtedness in connection with our initial business combination. Subject to compliance with applicable securities laws, we
would only complete such financing simultaneously with the completion of our initial business combination. We have granted SAP a right
of first refusal under certain circumstances for a period commencing from the consummation of this offering until the earlier of (i)
10 months after the consummation of our initial business combination (or the liquidation of the trust account in the event that we fail
to consummate our initial business combination within the prescribed time period) or (ii) 36 months after the consummation of this offering
in accordance with FINRA Rule 5110(g)(6)(A)