Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 277

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 277
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, the underwriters will be entitled to a deferred 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), which will be paid upon the closing of a Business
Combination solely from amounts remaining in the Trust Account following all properly submitted
shareholder redemption in connection with the consummation of the initial Business Combination
and such deferred fee shall be capped at such amount so remaining in the Trust Account.

<div align='center'>F-14</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 6 — Commitments and Contingencies(cont.)

Right of First Refusal

The Company has granted SAP a right of first
refusal for a period commencing from the consummation of the Proposed Public Offering until the earlier of (i) 10 months after the consummation
of the initial business combination (or the liquidation of the Trust Account in the event that the Company fails to consummate its initial
business combination within the prescribed time period) or (ii) 36 months after the consummation of the Proposed Public Offering in accordance
with FINRA Rule 5110(g)(6)(A) to act as lead financial advisor, capital markets advisor, underwriter and/or private placement agent in
connection with any initial business combination or in connection with any financing that occurs between the closing of the IPO and the
date that is the earlier of (i) 10 months after the closing of the initial business combination or (ii) 36 months after the consummation
of the Proposed Public Offering.

Note 7 — Shareholder’s Equity

Ordinary shares — The
Company’s Memorandum and Articles of Association to be adopted with effect from the effectiveness of this prospectus will be authorized
to issue up to 500,000,000 ordinary shares, par value $0.0001 per share. Holders of ordinary shares are entitled to one vote for each
share held on all matters to be voted on by the shareholders, except as required by law. On November 5, 2024, the Company issued to the
Sponsor 1,725,000 ordinary shares for an aggregated consideration of $25,000, or approximately $0.0145 per ordinary share. On February
12, 2025, the