Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 278

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 278
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 of $500,000 to be used, in part, for transaction costs incurred in connection with the Proposed
Public Offering (the “Promissory Note”). As of November 30, 2024, $500,000 was outstanding under the Promissory Note.
The Promissory Note is unsecured, interest-free and due on the date on which the Company closes the Proposed Public Offering.

Administrative Services Agreement

The Company entered into an Administrative
Services Agreement with the Sponsor on November 5, 2024, commencing on the effective date of the registration statement of the initial
public offering through the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation,
to pay the Sponsor a total of $20,000 per month for office space and administrative and support services. On February 12, 2025, the Company
and the Sponsor entered into the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended
to $15,000. On March 7, 2025, the Company and the Sponsor entered into the Second Amendment to the Administrative Services Agreement,
pursuant to which the monthly fee was amended to $20,000.

<div align='center'>F-13</div>

<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 6 — Commitments and Contingencies

Risks and Uncertainties

In February 2022, an armed conflict escalated
between Russia and Ukraine. Separately, in October 2023, Israel and Hamas began an armed conflict.

As a result of the ongoing Russia/Ukraine, Hamas/Israel
conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of
a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. In
addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing
which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party
financing being unavailable on terms acceptable to the Company or at all. The impact of this action and potential future sanctions on
the world economy and the specific impact on the Company’s financial position, results of operations or ability to consummate a
Business Combination are not yet determinable. The financial statements do not