Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 273

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 273
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 Sponsor has agreed to purchase an aggregate
of 218,250 Private Units (or 225,000 Private Units if the over-allotment option is exercised in full) at a price of $10.00 per Private
Unit for an aggregate purchase price of $2,182,500, or $2,250,000, if the over-allotment option is exercised in full, in a private placement
that will occur simultaneously with the closing of the Proposed Public Offering. Each Private Unit will consist of one ordinary share
(“Private Share”) and one right (“Private Right”). Each Private Right will convert into one-fifth (1/5) of one
ordinary share upon the consummation of a Business Combination. The proceeds from the Private Units will be added to the proceeds from
the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination
Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements
of applicable law), and the Private Units and all underlying securities will expire worthless. Private Placement Units and all underlying
securities will not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain exceptions.

Note 5 — Related Party Transactions

Founder Shares

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 Company and the Sponsor entered into the First Amendment to the Subscription Agreement, pursuant to which the
purchased amount of shares was adjusted to 2,415,000 ordinary shares, $0.0104 per ordinary share.

As of November 30, 2024, there were 2,415,000
Founder Shares issued and outstanding which were retroactively restated to reflect additional share purchases by the Sponsor, among which,
up to 315,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full, so that
the Sponsor will beneficially own 35% of the Company’s issued and outstanding shares after the Proposed Public Offering (not including
the shares to be issued to the underwriter upon the consummation of the Proposed Public Offering or the shares underlying the private
placement units and assuming the it does not purchase any