Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 148

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 148
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option is exercised in full, of net proceeds of this offering and the sale of the private units, will be deposited into a United States-based
trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee. The funds held in the trust account will
be held in demand deposit or cash accounts or invested only in United States government treasury bills, bonds, or notes having a maturity
of 185 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940 and that invest solely in U.S. treasuries, so that we are not deemed to be an investment company under the Investment
Company Act. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax
obligations (less up to $50,000 of interest to pay liquidation and dissolution expenses), the proceeds will not be released from the
trust account until the earlier of the completion of our initial business combination or our redemption of public shares in connection
with a business combination or a shareholder vote to amend our Post-offering Memorandum and Articles of Association. The proceeds held
in the trust account may be used as consideration to pay the sellers of a target business with which we complete our initial business
combination to the extent not used to satisfy shareholder redemption requests. Any amounts not paid as consideration to the sellers of
the target business may be used to finance operations of the acquired business.

No compensation of any kind (including finder’s
fees, consulting fees, or other similar compensation) will be paid to our insiders, members of our management team, or any of our or
their respective affiliates, for services rendered to us prior to or in connection with the consummation of our initial business combination
(regardless of the type or form of transaction). On November 5, 2024, the Company and the Sponsor entered into an Administrative
Services Agreement, commencing on the effective date of the registration statement of the initial public offering through the earlier
of our consummation of a business combination or the Company’s liquidation, pursuant to which the Company will pay the Sponsor
a total of $20,000 per month for office space, administrative and support services. On February 12, 2025, the Company and the Sponsor
entered into the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $15,000.
On March