Company: QSEA
Filing Date: 2025-06-06
Form Type: 8-K
Source: 0001829126-25-004323
Chunk: 0

Company: Quartzsea Acquisition Corp
Filing Date: 2025-06-06
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement

On
June 6, 2025, Broadway Technology Inc, a Cayman Islands exempted company (the “ Broadway Tech”), a leading manufacturer of
high-quality PET (polyethylene terephthalate) cups and lids through its operating subsidiary Zhejiang Gaokai New Materials Co., Ltd.,
Pivot Technology Holding Inc, a BVI business company organized under the Laws of the British Virgin Islands, and Zenith Technology International
Inc, a BVI business company also organized under the Laws of the British Virgin Islands (each, a “ Principal Shareholder”
and collectively, the “ Principal Shareholders”), Fan Zhang, an individual, solely in his capacity as the shareholder representative,
agent and attorney-in-fact of the Principal Shareholders (the “ Principal Shareholders’ Representative”), Quartzsea
Acquisition Corporation, a Cayman Islands exempted company (the “ Parent”), Cuisine Universal Packaging Solution, a Cayman
Islands exempted company and wholly-owned subsidiary of the Parent (the “ Purchaser”), and CUPS Sub Limited, a Cayman Islands
exempted company and wholly-owned subsidiary of the Purchaser (the “ Merger Sub”), entered into a Merger Agreement (the “ Agreement”).
Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Agreement.

Acquisition
Merger and Acquisition Consideration

Upon
the closing of the transactions contemplated by the Agreement, Quartzsea will merge with and into Purchaser, resulting in all Quartzsea
shareholders becoming shareholders of the Purchaser as described under the below section titled “ SPAC Merger.” Concurrently
therewith, Merger Sub will merge with and into Broadway Tech, with Boardway Tech surviving the merger and resulting in Purchaser acquiring
100% of the issued and outstanding equity securities of Broadway Tech (the “ Acquisition Merger”). Upon the closing of the
Acquisition Merger, the ordinary shares of Purchaser issued shall be reclassified into class A ordinary shares (“ Purchaser Class
A Ordinary Shares”) and class B ordinary shares (“ Purchaser Class B Ordinary Shares,

The
aggregate consideration to be paid to Broadway Tech shareholders for the Acquisition Merger is $520,000,000, payable in newly issued
Purchaser Ordinary Shares equal to $520,000,000 divided by $10.00 per share (the “ Closing Payment Shares”).

Furthermore,
the parties agreed that immediately following the closing the Acquisition Mer