Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 46

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 46
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 is appropriate for our initial business combination. Specifically, our officers and directors, and any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Reimbursement for such expenses will be paid by us out of loans by our Sponsor and interest earned on the trust account. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred in connection with activities on our behalf. In addition, at the closing of our initial public offering, our Sponsor will be repaid an aggregate of $500,000 by our Company pursuant to certain promissory note dated November 5, 2024. The principal balance of this promissory note shall be payable on the date on which our Company closes an initial public offering of its securities. The principal balance may be prepaid at any time. These financial interests of our Sponsor, officers, and directors may influence their motivation in identifying and selecting a target business combination and completing an initial business combination. |

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|                                                                                                                                    | ● | We are not prohibited from pursuing an initial business combination with a target that is affiliated with our Sponsor, officers, or directors nor making the initial business combination through a joint venture or other form of shared ownership with our Sponsor, officers, or directors. We, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that such an initial business combination is fair to our company from a financial point of view. For a list of potential targets affiliated with our Sponsor, see “Management-Conflicts of Interest” on page 120 of this prospectus. |
|                                                                                                                                    | ● | As stated herein, our Sponsor is currently controlled by Ms. Qi Gong, our Chairwoman, Chief Executive                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 Officer, Chief Financial Officer, and Director. Daniel M. McCabe is our independent director and serves as a director on three other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 SPACs, namely Quetta, Yotta and Black Hawk. Ms. Qi Gong also serves as a director on two other SPACs, namely Quetta and Yotta. Yotta                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 and Quetta have each executed a definitive merger agreement with a target company in connection with their respective initial business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 combinations. On January 10, 2025, Quetta held a special meeting of its stock