Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 173

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 173
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 held in the
trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including
liabilities under the Securities Act. Our insiders may not be able to satisfy their indemnification obligations, as we have not required
our insiders to retain any assets to provide for their indemnification obligations, nor have we taken any further steps to ensure that
they will be able to satisfy any indemnification obligations that arise. Moreover, our insiders will not be liable to our public shareholders
and instead will only have liability to us. As a result, if we liquidate, the per-share distribution from the trust account could be
less than approximately $10.00 due to claims or potential claims of creditors. We will distribute to all of our public shareholders,
in proportion to their respective equity interests, an aggregate sum equal to the amount then held in the trust account, inclusive of
any interest not previously released to us to pay our taxes (less up to $50,000 of interest to pay liquidation and dissolution expenses).

If we are unable to consummate an initial
business combination and are forced to redeem 100% of our outstanding public shares for a portion of the funds held in the trust account,
we anticipate notifying the trustee of the trust account to begin liquidating such assets promptly after such date and anticipate it
will take no more than 10 business days to effectuate the redemption of our public shares. Our insiders have waived their rights to participate
in any redemption with respect to their founder shares. We will pay the costs of any subsequent liquidation from our remaining assets
outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation
(currently anticipated to be no more than approximately $100,000) and have agreed not to seek repayment of such expenses. Each holder
of public shares will receive a full pro rata portion of the amount then in the trust account, plus any pro rata interest earned on the
funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000 of interest to pay liquidation
and dissolution expenses). The proceeds deposited in the trust account could, however, become subject to claims of our creditors that
are in preference to the claims of public shareholders.

Our public shareholders shall be entitled
to receive funds from the trust account only in the event of our failure to complete our initial business combination in the required
time period