Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 154

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 154
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 of control if a substantial number of ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers, directors, and director nominees; and |

| ● | may adversely affect prevailing market prices for our units, ordinary shares and/or rights. |

To understand the tabular disclosure of net tangible book value per share, as adjusted, we applied a step-by-step approach incorporating the following assumptions and methodologies. The initial net tangible book value per share is calculated by dividing the net tangible assets (total assets less intangible assets and liabilities) by the total number of outstanding shares of ordinary shares prior to the registered offering. Adjustments to this figure reflect the estimated gross proceeds of the offering, net of underwriting discounts, commissions, and estimated offering expenses.

We also account for the potential dilution arising from the issuance of additional shares upon the exercise of any outstanding rights and issuance of shares in connection with our business combination. The table does not include adjustments for potential future issuances of equity or equity-linked securities, which remain contingent on future events. The methods and assumptions used in the determination of adjusted net tangible book value per share are based on our current expectations, and actual results may differ materially from these estimates due to various factors, including market conditions and the terms of any future financing or business combination transactions.

<div align='center'>97</div>

<div align='center'>CAPITALIZATION</div>

The following table sets forth our capitalization as of November 30, 2024 and as adjusted to give effect to the sale of our units offered by this prospectus and the private units and the application of the estimated net proceeds derived from the sale of such securities:

|                                                                                                                                  |     | As              
 of November 30, 
 2024            |         |   |     |             |            |   |
|:---------------------------------------------------------------------------------------------------------------------------------|:----|:----------------|--------:|:--|:----|:------------|-----------:|:--|
|                                                                                                                                  |     | Actual          |         |   |     | As          
 Adjusted(1) |            |   |
| Promissory                                                                                                                       
 note – related party(2)                                                                                                          |     | $               | 500,000 |   |     | $           |          - |   |
| Over-allotment                                                                                                                   
 liability                                                                                                                        |     |                 |       - |   |     |             |