Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 51

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 “Finder”). Pursuant to the Finders Fee Agreement, the Company agreed to pay the Finder a one-time, non-refundable
retainer fee in the amount of $350,000, payable upon the execution of Finders Fee Agreement (the “Retainer Fee”). The Company
also agreed to pay the Finder a success fee in the amount of $3,500,000, payable upon the closing (or closings) of a transaction (as
defined in the Finders Fee Agreement). In addition, the Company agreed to reimburse the Finder on a monthly basis for all reasonable,
actual, and verifiable out-of-pocket expenses incurred in connection with the Finder’s engagement under the agreement, provided
that such expenses shall not exceed $150,000 without the Company’s prior written approval. On April 29, 2025, the Company entered
into an amendment to the Finder’s Fee Agreement, pursuant to which the Retainer Fee was adjusted to $150,000. 

The Company acknowledges
and agrees that the Finder is not a registered broker-dealer under U.S. securities laws, and is not acting as a broker-dealer in connection
with the transaction.

16

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from November 5, 2024 (inception) through February 28, 2025, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination.

We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

For the three months ended February 28,
2025, we had a net loss of $31,255, which consisted of formation and operating costs of $33,504, offset by interest income of $2,249.

Liquidity and Capital Resources

On March 19, 2025, we consummated our IPO of 7,200,000 units (the “Units”), at $10.00 per Unit. In connection with the closing of the IPO, the underwriter fully exercised its over-allotment option to purchase