Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 169

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 169
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% of our issued and outstanding public shares for a pro rata portion of the funds held in the trust
account, equal to the aggregate amount then on deposit in the trust account including 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),
divided by the number of then outstanding public shares, subject to applicable law and as further described herein, and then seek to
liquidate and dissolve. We expect the pro rata redemption price to be approximately $10.00 per public share (regardless of whether or
not the underwriters exercise their over-allotment option), without taking into account any interest earned on such funds. However, we
cannot assure you that we will in fact be able to distribute such amounts as a result of claims of creditors which may take priority
over the claims of our public shareholders.

Redemption Rights

At any meeting called to approve an initial
business combination, any public shareholder, whether voting for or against such proposed business combination or not voting at all,
will be entitled to demand that its public shares be redeemed for a full pro-rata portion of the amount then in the trust account (initially
$10.00 per public share), 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). Alternatively, we may provide our public
shareholders with the opportunity to sell their public shares to us through a tender offer (and thereby avoid the need for a shareholder
vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account, net of taxes payable.

Notwithstanding the foregoing, a public shareholder, together with any affiliate of his or hers or any other person with whom he or she is acting in concert or as a “group” (as defined in Section 13(d)(3) of the Exchange Act), will be restricted from seeking conversion rights with respect to 15% or more of the ordinary shares sold in this offering. Such a public shareholder would still be entitled to vote against a proposed business combination with respect to all ordinary shares owned by him or her, or his or her affiliates. We believe this restriction will prevent shareholders from accumulating large blocks of shares before the vote held to approve a proposed business combination and attempt to use the conversion right