Quartzsea Acquisition Corporation Announces Closing of $82,800,000 Initial Public Offering, Including Full Exercise of Underwriters' Over-Allotment Option

Rhea-AI Summary

Quartzsea Acquisition (NASDAQ: QSEAU) has successfully completed its initial public offering (IPO), raising $82.8 million through the sale of 8,280,000 units at $10.00 per unit. The total includes the full exercise of the underwriters' over-allotment option for an additional 1,080,000 units.

Each unit comprises one ordinary share and one right, with each whole right allowing holders to receive one-fifth of an ordinary share upon completing an initial business combination. The units began trading on NASDAQ under 'QSEAU' on March 18, 2025. The ordinary shares and rights will later trade separately under 'QSEA' and 'QSEAR' respectively.

SPAC Advisory Partners, a division of Kingswood Capital Partners, , served as the sole book running manager for the offering.

Positive

• Successfully raised $82.8 million in IPO proceeds
• Full exercise of over-allotment option indicates strong demand
• Listed on major exchange (NASDAQ Global Market)

Negative

• No specific business combination target identified yet
• Shareholders face uncertainty until acquisition target is identified

NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) -- Quartzsea Acquisition Corporation (NASDAQ: QSEAU, the “Company”) announced today that it has closed its initial public offering of 8,280,000 units at $10.00 per unit. This includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 1,080,000 units. Each unit consists of one of the Company’s ordinary shares and one right, with each whole right entitling the holder thereof to receive one-fifth (1/5) of one ordinary share upon the consummation of an initial business combination.

The units are listed on the Nasdaq Global Market (“NASDAQ”) and began trading under the ticker symbol “QSEAU” on March 18, 2025. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on NASDAQ under the symbols “QSEA,” and “QSEAR,” respectively.

SPAC Advisory Partners, a division of Kingswood Capital Partners, LLC acted as sole book running manager in the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 14, 2024. The offering was made only by means of a prospectus, copies of which may be obtained, by contacting Kingswood Capital Partners, LLC, 126 East 56th Street, Suite 22S, New York, NY 10022, or by calling 212-487-1080 or emailing Syndicate@kingswoodUS.com. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Quartzsea Acquisition Corporation

Quartzsea Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact

Qi Gong
Chief Executive Officer
Email: qgong@quartzsea.com
Tel: (212) 612-1400

FAQ

How much did Quartzsea Acquisition (QSEAU) raise in its IPO?

Quartzsea raised $82.8 million through the sale of 8,280,000 units at $10.00 per unit, including the full exercise of the over-allotment option.

What is included in each QSEAU unit from the IPO?

Each unit consists of one ordinary share and one right, with each whole right entitling holders to receive 1/5 of one ordinary share upon business combination completion.

When did Quartzsea (QSEAU) begin trading on NASDAQ?

QSEAU units began trading on the Nasdaq Global Market on March 18, 2025.

What will be the separate trading symbols for Quartzsea's securities?

The ordinary shares will trade as 'QSEA' and the rights as 'QSEAR' once separate trading begins.