Welcome to our dedicated page for QUARTZSEA ACQUISITION SEC filings (Ticker: QSEAU), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Our SEC filing database is enhanced with expert analysis from Rhea-AI, providing insights into the potential impact of each filing on QUARTZSEA ACQUISITION's stock performance. Each filing includes a concise AI-generated summary, sentiment and impact scores, and end-of-day stock performance data showing the actual market reaction. Navigate easily through different filing types including 10-K annual reports, 10-Q quarterly reports, 8-K current reports, proxy statements (DEF 14A), and Form 4 insider trading disclosures.
Designed for fundamental investors and regulatory compliance professionals, our page simplifies access to critical SEC filings. By combining real-time EDGAR feed updates, Rhea-AI's analytical insights, and historical stock performance data, we provide comprehensive visibility into QUARTZSEA ACQUISITION's regulatory disclosures and financial reporting.
Quartzsea Acquisition Corporation (QSEAU) filed its first Form 10-Q as a newly listed special-purpose acquisition company (SPAC) for the quarter ended 31 May 2025. The filing confirms that Quartzsea remains in the pre-revenue stage; operations to date have been limited to completing its $82.8 million IPO on 19 March 2025 (including full over-allotment) and identifying a target for a business combination.
Balance sheet strength is driven by the Trust Account of $83.49 million, invested in U.S. Treasury money-market funds. Cash available for working capital fell to $49,122, down from $311,000 at fiscal year-end (30 Nov 2024), after paying IPO costs and operating expenses. Total assets stand at $84.29 million versus total liabilities of $3.57 million, plus $83.49 million of ordinary shares classified as temporary equity (redeemable shares).
Results of operations: For the three-month period the company posted a net loss of $27,147. Administrative expenses of $727,747 were largely offset by $700,600 of interest income (mainly from the Trust). The six-month cumulative net loss is $58,402.
Merger Agreement announced (subsequent event): On 6 June 2025 Quartzsea signed a definitive agreement to merge with Broadway Technology Inc., a Cayman-incorporated PET cup and lid manufacturer. Consideration totals $520 million, payable entirely in newly issued shares of the post-closing entity (at $10.00 per share). The structure includes a reclassification into Class A (1 vote) and Class B (10 votes) ordinary shares, a 180-day lock-up for key sellers, and supporting shareholder agreements.
Capital & liquidity risks: The SPAC has until 19 June 2026 (15 months from IPO) to consummate the business combination or liquidate. Management reports substantial doubt regarding going-concern because only $49k is available outside the Trust and additional deal-related costs are expected. A $3.31 million deferred underwriting fee and up to $3.5 million success fee to a finder are contingent on closing. Sponsor working-capital loans of up to $1.5 million remain undrawn but could convert into units.
Share information: As of 10 July 2025 there were 11,409,900 ordinary shares outstanding (including units). Non-redeemable founder shares total 3,129,900; public redeemable shares total 8,280,000 at a current redemption value of $10.08.
Key takeaways: Quartzsea’s trust assets are intact and earning interest, and the signing of a definitive merger agreement materially advances its de-SPAC timeline. However, execution risk remains high: the deal requires regulatory and shareholder approval, the company has minimal cash for ongoing expenses, and failure to close by June 2026 would trigger liquidation.
FAQ
What is the current stock price of QUARTZSEA ACQUISITION (QSEAU)?
