Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 281

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 281
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 the Sponsor will own 35% of the issued and outstanding shares after the Proposed Public Offering (assuming
the Sponsor does not purchase any public units in the Proposed Public Offering and excluding the Private Shares underlying the Private
Units).

Rights— Each holder of
a right will receive one-fifth (1/5) of one ordinary shares upon consummation of a Business Combination, even if the holder of such right
redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon conversion of the
rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon
consummation of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by
investors in the Proposed Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the
Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per ordinary
share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary shares basis
and each holder of a right will be required to affirmatively covert its rights in order to receive one share underlying each right (without
paying additional consideration). The shares issuable upon conversion of the rights will be freely tradable (except to the extent held
by affiliates of the Company).

If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any
of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the
Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company
be required to net cash settle the rights. Accordingly, holders of the rights might not receive the shares of ordinary shares underlying
the rights.

<div align='center'>F-15</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 8 — Subsequent Events

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date and up to December 23, 2024, the date that the financial statements were issued.