Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 126

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 126
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 and disclosure requirements, and other rules and regulations. As a result, it may be more difficult for us to effect a business combination.

The Investment Company Act excludes enterprises engaged primarily in a business other than investing, reinvesting or trading in securities, and our activities do not include investing, reinvesting, owning, holding, or trading “investment securities” constituting more than 40% of our total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. As a result, we do not believe that our anticipated principal activities will subject us to regulation under the Investment Company Act because our business will be to identify and complete our initial business combination and thereafter to operate the post-combination business or assets for the long-term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We also do not plan to be a passive investor except that, the proceeds held in the trust account, which may only be held in demand deposit or cash accounts or invested only in direct U.S. Treasury obligations (which are United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. Treasury obligations.

Pursuant to the trust agreement to be entered
into between the Company and Continental Stock Transfer & Trust Company, the trustee is not permitted to invest in other securities
or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan to acquire and grow an enterprise
for the long-term (rather than to buy and sell businesses in the manner of a merchant bank or a private equity fund), we intend to avoid
being deemed an “investment company” within the meaning of the Investment Company Act. The trust account is intended as a
holding place for funds pending the earliest to occur of: (i) the completion of our initial business combination (including any redemptions
made in connection therewith); (ii) the redemption of any of the public shares issued in this offering that are properly submitted in
connection with a shareholder vote to amend our Post-offering Memorandum and Articles of Association (A) to modify the substance or timing
of our obligation to allow redemptions in connection with our initial business combination, (B) to modify the substance or timing of
our