Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 117

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 117
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. In addition, we may obtain loans
from our Sponsor, affiliates of our Sponsor or an officer or director. In the scenario wherein an initial business combination is not
consummated within 18 months, our governing documents provide that all public shares will be redeemable for a pro rata portion of the
funds held in the trust account and any interest paid thereon; provided, however, that such claims shall be limited by (i) prior disbursements
to us attributable to interest accrued, and (ii) creditor claims as a result of taxable events or otherwise. Upon settlement of all creditor
claims and shareholder disbursements, the company will dissolve and, subject to Cayman Islands law, all shareholder rights will terminate.
The Sponsor has waived any right to the proceeds held in trust in such a scenario pursuant to the trust agreement. As such, the Sponsor’s
investment capital would be forfeited while in the case of a merger, the capital would not be forfeited. Moreover, Qi Gong our Chairwoman,
Chief Executive Officer, Chief Financial Officer, and Director owns all of the outstanding interest of our Sponsor. The personal and
financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination,
completing an initial business combination and influencing the operation of the business following the initial business combination.

The shares beneficially owned by our insiders, officers and directors will not participate in a redemption and, therefore, our insiders, officers and directors may have a conflict of interest in determining whether a particular target business is appropriate for our initial business combination.

Our Sponsor, directors, officers, and other insiders have waived their redemption rights with respect to their shares if we are unable to consummate our initial business combination. Accordingly, these securities will be worthless if we do not consummate our initial business combination. Any rights they hold, like those held by the public, will also be worthless if we do not consummate an initial business combination. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions, and timing of a particular business combination are appropriate and in our shareholders’ best interest.

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Reimbursement of out-of-pocket expenses incurred by our insiders, officers, directors or any of their affiliates in connection with certain activities on