Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 277

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 277
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 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 Public Shares in the Proposed Public Offering and excluding the Private Units).

The Initial Shareholders have agreed, subject to
certain limited exceptions, not to transfer, assign or sell any of their Founder Shares for a time period ending on the date that is
the earlier of (A) six months after the completion of the Company’s initial business combination or (B) the date on which the Company
completes a liquidation, merger, stock exchange or other similar transaction after its initial business combination that results in all
of the public shareholders having the right to exchange their shares of ordinary shares for cash, securities or other property. The Initial
Shareholders also agree not to transfer any ownership interest in, except to permitted transferees, their private placement until at
least 30 days following the completion of the business combination.

Promissory Note — Related Party

On November 5, 2024, the Sponsor agreed to loan
the Company up to an aggregate amount