Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 280

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 280
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<div align='center'>QUARTZSEA ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 6 — Commitments and Contingencies(cont.)

Right of First Refusal

The Company has granted SAP a right of first
refusal for a period commencing from the consummation of the Proposed Public Offering until the earlier of (i) 10 months after the consummation
of the initial business combination (or the liquidation of the Trust Account in the event that the Company fails to consummate its initial
business combination within the prescribed time period) or (ii) 36 months after the consummation of the Proposed Public Offering in accordance
with FINRA Rule 5110(g)(6)(A) to act as lead financial advisor, capital markets advisor, underwriter and/or private placement agent in
connection with any initial business combination or in connection with any financing that occurs between the closing of the IPO and the
date that is the earlier of (i) 10 months after the closing of the initial business combination or (ii) 36 months after the consummation
of the Proposed Public Offering.

Note 7 — Shareholder’s Equity

Ordinary shares — The
Company’s Post-offering Memorandum and Articles of Association to be adopted with effect from the effectiveness of this prospectus
will be authorized to issue up to 500,000,000 ordinary shares, par value $0.0001 per share. Holders of ordinary shares are entitled to
one vote for each share held on all matters to be voted on by the shareholders, except as required by law. On November 5, 2024, the Company
issued to the Sponsor 1,725,000 ordinary shares for an aggregated consideration of $25,000, or approximately $0.0145 per ordinary share.
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.

At November 30, 2024, there were 2,415,000
ordinary shares issued and outstanding which were retroactively restated to reflect the additional share purchase by the Sponsor, of
which an aggregate of up to 315,000 shares are subject to forfeiture to the extent that the underwriters’ over-allotment option
is not exercised in full, so that