Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 116

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 116
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 target business. Any of these individuals may decide to leave the company post-combination. Although we will evaluate these individuals, we cannot assure you that our evaluations will prove to be correct. Moreover, because we anticipate combining with a privately held company, we cannot predict how adept personnel will be at adapting to the needs of managing a publicly traded company subject to reporting and other requirements.

We are dependent upon our officers and directors and their departure could adversely affect our ability to operate.

Our operations are dependent upon a relatively small group of individuals and, in particular, our officers and directors. We believe that our success depends on the continued service of our officers and directors, at least until we have completed our initial business combination. We do not have an employment agreement with, or key-man insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our officers and directors could have a detrimental effect on us.

Since our Sponsor, officers, and directors will lose their entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination.

On November 5, 2024, our Sponsor paid
$25,000 in exchange for 2,415,000 ordinary shares. Such founder shares include an aggregate of up to 315,000 ordinary shares that will
be subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part. The number
of founder shares issued was determined based on the expectation that the founder shares would represent approximately 35% of the outstanding
shares after this offering (excluding the private shares). None of our Sponsor, officers, nor directors have expressed an intention to
purchase any units in this public offering. The founder shares will be worthless if we do not complete an initial business combination,
especially because, pursuant to letter agreement, the holders of the Sponsor shares and private units have or will have waived their
right to claim funds held in the trust account in connection with any redemption of shares. Holders of founder shares and private units
have agreed (A) to vote any shares owned by them in favor of any proposed initial business combination (if permitted by law or regulation)
and (B) not to redeem any founder shares in connection with a shareholder vote to approve a proposed initial business combination. In
addition, any loans from our Sponsor will not be repaid if our business combination is not consummated