Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 32

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 32
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 exceeds $250 million as of the end of that year’s second fiscal quarter, or (2) our annual revenues exceed $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates exceeds $700 million as of the end of that year’s second fiscal quarter.

Private Placement

On November 5, 2024, our 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).

Sponsor Information

Our Sponsor is a Delaware limited liability
company, which was formed to invest in us. Although our Sponsor is permitted to undertake any activities permitted under the Delaware
Limited Liability Company Act and other applicable law, our Sponsor’s business is focused on investing in us. Qi Gong our Chairwoman,
Chief Executive Officer, Chief Financial Officer, and Director owns 100% of the interest of our Sponsor. No other party has any material
indirect interest in our Sponsor.

The following table sets forth the payments to be received by our Sponsor and its affiliates from us prior to or in connection with the completion of our initial business combination and the securities issued and to be issued by us to our Sponsor or its affiliates:

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| Amount of Compensation to be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 Received or Securities Issued or to be Issued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |     |                                                                                                                                     Consideration Paid or to be Paid |
| 2,415,000 ordinary shares(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |     |                                                                                                                                                              $25,000 |
| 218,250 private units to be purchase simultaneously with the closing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 of this offering (or up to 225,000 private units if the underwriters’ over-allotment option is exercised in full)                                                                                                                                                                                                                                                                                                                                                                                                                                        |     |                                                                                                  $2,182,500 (or up to $