Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 189

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 189
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 completed our initial business combination. For the foregoing   
 reasons, our board may have a conflict of interest in determining whether a particular target business is an appropriate business     
 with which to affect our initial business combination.                                                                                |

| ● | Our Sponsor is currently controlled by Ms. Qi Gong, our Chairwoman,                                                                       
 Chief Executive Officer, Chief Financial Officer, and Director, thus, Ms. Qi Gong currently holds voting and investment discretion        
 with respect to the ordinary shares held of record by the Sponsor. Our Sponsor purchased 2,415,000 of our ordinary shares for $25,000,    
 a nominal price, which we refer to herein as founder shares. Our Sponsor has also committed to purchase an aggregate of 218,250 private   
 units (or 225,000 private units if the underwriters’ over-allotment option is exercised in full) at $10.00 per private unit               
 for a total purchase price of $2,182,500 (or $2,250,000 if the underwriters’ over-allotment option is exercised in full) from             
 us. The founder shares and private units will be worthless if we do not complete an initial business combination, especially because,     
 pursuant to letter agreement, the holders of the Sponsor shares and private units have or will have waived their right to claim funds     
 held in the trust account in connection with any redemption of shares.                                                                    |
| ● | A conflict of interest may arise in determining whether a particular                                                                      
 business combination target is appropriate for our initial business combination. Specifically, our officers and directors, and any        
 of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf    
 such as identifying potential target businesses and performing due diligence on suitable business combinations. Reimbursement for         
 such expenses will be paid by us out of loans by our Sponsor and interest earned on the trust account. There is no cap or ceiling         
 on the reimbursement of out-of-pocket expenses incurred in connection with activities on our behalf. In addition, at the closing          
 of our initial public offering, our Sponsor will be repaid an aggregate of $500,000 by our Company pursuant to certain promissory         
 note dated November 5, 2024. The principal balance of this promissory note shall be payable on the date on which our Company              
 closes an initial public offering of its securities. The principal balance may be prepaid at any time. These financial interests          
 of our Sponsor, officers, and directors may influence their motivation in