Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 150

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 150
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 Net tangible book value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of ordinary shares which may be redeemed for cash), by the number of issued and outstanding ordinary shares.

As of November 30, 2024, our net tangible
book deficit was $175,166, or approximately $(0.07) per share of ordinary shares. For purposes of the dilution calculation, in order
to present the maximum estimated dilution as a result of this offering, we have assumed (i) the issuance of one-tenth of a share for
each right outstanding, as such issuance will occur upon a business combination without the payment of additional consideration and (ii)
the number of ordinary shares included in the units offered hereby will be deemed to be 6,600,000 ordinary shares (consisting of 6,000,000
ordinary shares included in the units we are offering by this prospectus and 600,000 ordinary shares for the outstanding rights), and
the price per share in this offering will be deemed to be $9.09. After giving effect to the sale of 6,000,000 ordinary shares included
in the units we are offering by this prospectus (or 6,900,000 ordinary shares if the underwriters’ over-allotment option is exercised
in full) and assuming the issuance of 600,000 ordinary shares upon the conversion of the rights included in the units (or 690,000 ordinary
shares if the underwriters’ over-allotment option is exercised in full)), the sale of the private units and estimated expenses
of this offering, our pro forma net tangible book deficit at November 30, 2024, would have been $1,448,196 or $(0.49) per share (or $1,725,166
or $(0.51) per share if the underwriters’ over-allotment option is exercised in full), representing an immediate decrease in net
tangible book value of $0.42 per share (or $0.44 per share if the underwriters’ over-allotment option is exercised in full) to
the initial shareholders and an immediate dilution of 105.4% per share or $9.58 (or 105.6% or $9.60 per share if the underwriters’
over-allotment option is exercised in full) to new investors not exercising their conversion/tender rights.

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