Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 196

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 196
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 shares
shall be forfeited. The number of founder shares issued was determined based on the expectation that the founder shares would represent
35% of the outstanding shares after this offering.

If the underwriters determine that the size of
the offering should be increased (including pursuant to Rule 462(b) under the Securities Act) or decreased, a share dividend or
a contribution back to the Sponsor, as applicable, would be effectuated in order to maintain its pre-IPO ownership interest at 35% of
our issued and outstanding shares after this offering (excluding the private shares and assuming it does not purchase any units in this
offering).

On November 5, 2024, we entered into a promissory
note of an aggregate of $500,000 with our Sponsor. The loan will be payable without interest on the earlier of the consummation of this
offering, or the liquidation of the Company. If the offering is consummated, the loan will be repaid out of the proceeds of this offering
not being placed in trust.

Our Sponsor has committed that they and/or
their designees will purchase an aggregate of 218,250 private units (or 225,000 private units if the underwriters’ over-allotment
option is exercised in full) at $10.00 per private unit for a total purchase price of $2,182,500 (or $2,250,000 if the underwriters’
over-allotment option is exercised in full) from us. This purchase will occur by way of private placements to be conducted simultaneous
to the consummation of this offering. The private units are identical to the units sold in this offering except that they are not registered
under the Securities Act. Additionally, the Sponsor has agreed not to transfer, assign, or sell any of the private units or the securities
underlying such private units at least 30 days following the consummation of our business combination.

In order to meet our working capital needs following
the consummation of this offering, our insiders may, but are not obligated to lend working capital funds to us, on a non-interest bearing
basis, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at
the holder’s discretion, up to $1,500,000