Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 58

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. In addition, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

Item 1A. Risk Factors.

As a smaller reporting company, we are not required to make disclosures under this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On November 5, 2024, the Sponsor acquired an
aggregate of 1,725,000 Founder Shares for an aggregate purchase price of $25,000. On February 12, 2025, the Company and the Sponsor
entered into the First Amendment to the Subscription Agreement, pursuant to which the purchased amount of shares was adjusted to 2,415,000
ordinary shares, $0.0104 per ordinary share. These Founder Shares include an aggregate of up to 315,000 Founder Shares that are subject
to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the Founder
Shares will represent 35% of our issued and outstanding shares after this offering (excluding the private shares). On March 17,
2025, the Company and the Sponsor entered into the Second Amendment to the Subscription Agreement, pursuant to which the purchased amount
of Founder Shares was adjusted to 2,898,000, of which 378,000 are subject to forfeiture.

On March 19, 2025,
the Company consummated its initial public offering (the “IPO”) of 7,200,000 units (the “Units”). Each Unit consists
of one ordinary share, par value $0.0001 per share, of the Company (the “Ordinary Shares”) and one right to receive one-fifth
(1/5) of one Ordinary Share upon the consummation of the Company’s initial business combination. The Units were sold