Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 130

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 130
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, significantly contributing to this dilution. Upon the closing
of this offering, and assuming no value is ascribed to the rights included in the units, you and the other public shareholders will incur
an immediate and substantial dilution of approximately 105.4% or $9.58 per share, assuming no exercise of the underwriters’ over-allotment
option), the difference between the pro forma net tangible book value per share of $(0.49) and the deemed offering price of $9.09 per
share included in the units (adjusted to include the value of the rights).

The nominal purchase price paid by our Sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination.

We are offering our units at an offering price
of $10.00 per unit and the amount in our trust account is initially anticipated to be $10.05 per public share. However, prior to this
offering, our Sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.0104 per share.
As a result, the value of your public shares may be significantly diluted upon the consummation of our initial business combination,
when the founder shares are converted into public shares. For example, the following table shows the dilutive effect of the founder shares
on the implied value of the public shares upon the consummation of our initial business combination, assuming that our equity value at
that time is $57,900,000 which is the amount we would have for our initial business combination in the trust account, assuming the underwriter’s
over-allotment option is not exercised, no interest is earned on the funds held in the trust account, and no public shares are redeemed
in connection with our initial business combination, and without taking into account any other potential impacts on our valuation at
such time, such as the trading price of our public shares, the business combination transaction costs, any equity issued or cash paid
to the target’s sellers or other third parties, or the target’s business itself, including its assets, liabilities, management
and prospects, as well as the value of our public and private rights. At such valuation, each of our ordinary shares would have an implied
value of $6.94 per share upon consummation of our initial business combination, which would be an approximate 30.6% decrease as compared
to the initial implied value per public share