Quartzsea Acquisition Corporation Announces Pricing of $72,000,000 Upsized Initial Public Offering
Rhea-AI Summary
Quartzsea Acquisition (NASDAQ: QSEA) has announced the pricing of its upsized initial public offering (IPO) at $72 million. The company is offering 7,200,000 units priced at $10.00 per unit, with trading expected to commence on March 18, 2025, under the symbol 'QSEAU' on the Nasdaq Global Market.
Each unit comprises one ordinary share and one right, where each whole right allows holders to receive one-fifth of an ordinary share upon completing an initial business combination. The ordinary shares and rights will trade separately under 'QSEA' and 'QSEAR' respectively.
SPAC Advisory Partners, a division of Kingswood Capital Partners, , is serving as the sole book-running manager. Underwriters have a 45-day option to purchase up to 1,080,000 additional units for over-allotments. The offering is set to close on March 19, 2025, pending customary conditions.
Positive
- Successful pricing of upsized $72M IPO
- Trading on major exchange (Nasdaq Global Market)
- 45-day over-allotment option for additional 1,080,000 units
Negative
- No specific business combination target identified yet
- Potential shareholder dilution from rights conversion
Insights
Quartzsea Acquisition has successfully priced its upsized IPO at $72 million, offering 7.2 million units at $10.00 each on the Nasdaq Global Market. As a Special Purpose Acquisition Company (SPAC), Quartzsea is essentially a publicly-traded cash shell designed to acquire an existing private business and take it public through a merger.
The SPAC's structure follows standard industry practice with units comprising one ordinary share plus one right, where five rights convert to one additional share post-acquisition. The underwriters have received a typical 45-day overallotment option for an additional 1.08 million units, potentially increasing total proceeds by $10.8 million.
Quartzsea joins a moderately active SPAC market following the significant cooling period in 2022-2023. SPAC Advisory Partners, a division of Kingswood Capital Partners, is managing the offering as sole book-runner, responsible for finding suitable investors. The offering is expected to close March 19th.
For context, SPACs typically have 18-24 months to identify and complete a business combination before potentially facing liquidation and returning capital to investors. Market sentiment toward SPACs remains cautious compared to the 2020-2021 boom period. The true investment potential for Quartzsea will be determined by management's ability to identify an attractive acquisition target and successfully complete a business combination.
NEW YORK, March 17, 2025 (GLOBE NEWSWIRE) -- Quartzsea Acquisition Corporation (NASDAQ: QSEA, the “Company”), a Cayman Islands exempted company, announced today that it priced its initial public offering of 7,200,000 units at
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 is acting as sole book-running manager in the offering. The underwriters have been granted a 45-day option to purchase up to an additional 1,080,000 units offered by the Company to cover over-allotments, if any. The offering is expected to close on March 19, 2025, subject to customary closing conditions.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 14, 2025. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, 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
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