Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 206

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 206
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 discretion
of our then board of directors. It is the present intention of our board of directors to retain all earnings, if any, for use in our
business operations and, accordingly, our board does not anticipate declaring any dividends in the foreseeable future.

If we increase the size of the offering, we will
effect a share dividend, or other appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation
of the offering in such amount as to maintain the ownership of our initial shareholders at 35% of our issued and outstanding shares upon
the consummation of this offering (excluding the private shares and any shares purchased in this offering). Further, if we incur any
indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Our Post-offering Memorandum and Articles of Association

Our Post-offering Memorandum and Articles of Association
to be adopted with effect from the effectiveness of this registration statement will contain certain requirements and restrictions relating
to this offering that will apply to us until the completion of our initial business combination. These provisions cannot be amended without
a special resolution of the Company. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has
been approved by either (i) at least two-thirds (or any higher threshold specified in a company’s articles of association) of a
company’s shareholders who, being entitled to do so, attend and vote at a general meeting for which notice specifying the intention
to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association,
by a unanimous written resolution of all of our shareholders. Other than in certain exception as described below, our Post-offering Memorandum
and Articles of Association will provide that special resolutions must be approved either by at least two-thirds of our shareholders
who, being entitled to do so, attend and vote at a general meeting for which notice specifying the intention to propose the resolution
as a special resolution has been given (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution
of all of our shareholders. Our Sponsor, who will beneficially own approximately 35% of our ordinary shares upon the consummation of
this offering (excluding the private shares and assuming it does not purchase any units in this offering), will participate in any vote
to amend our Post-offering Memorandum and