Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 202

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 202
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 Association, if we are unable to complete our initial business combination within 15 months from the consummation of this
offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more
than ten business days thereafter, subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust
account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, which redemption will
completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining shareholders and our board of directors, dissolve and liquidate, subject (in each case of (ii) and (iii) above, subject
to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our initial
shareholders have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares
and private shares, held by them if we fail to complete our initial business combination within 15 months from the consummation of this
offering.

If we are unable to consummate our initial
business combination within such time period, we will, as promptly as possible but not more than ten (10) business days thereafter, redeem
100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, including a pro rata portion of
any 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), and then seek to liquidate and dissolve. However, we may not be able to distribute
such amounts as a result of claims of creditors which may take priority over the claims of our public shareholders. In the event of our
liquidation and subsequent dissolution, the rights will expire and will be worthless.

In the event of a liquidation, dissolution or winding
up of the company after an initial business combination, our shareholders are entitled to share pro rata in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for