Quartzsea Acquisition Corporation Reports Net Loss of $31,255 for Three Months Ending February 28, 2025

Quartzsea Acquisition Corporation has reported its financial results for the three months ending February 28, 2025, revealing a net loss of $31,255, primarily due to formation and operating costs of $33,504, offset by interest income of $2,249. The company, which is a blank check entity formed to pursue business combinations, has not yet commenced operations and does not expect to generate revenue until after completing a business combination. As of the reporting date, Quartzsea had cash reserves of $208,063 and a working capital deficit of $301,307, indicating a need for additional funding to support its operations.

Compared to the previous fiscal period ending November 30, 2024, Quartzsea's total assets decreased from $516,000 to $492,949. This decline was driven by a reduction in cash from $311,000 to $208,063 and an increase in deferred offering costs from $190,000 to $284,886. The company's liabilities also increased slightly, with current liabilities rising from $501,166 to $509,370, primarily due to higher accounts payable and accrued expenses.

In terms of strategic developments, Quartzsea successfully completed its initial public offering (IPO) on March 19, 2025, raising gross proceeds of $82.8 million from the sale of 8,280,000 units, which included the full exercise of an over-allotment option. Additionally, the company sold 231,900 private placement units to its sponsor for $2.3 million. The proceeds from these offerings have been placed in a trust account, which will be utilized for future business combinations and operational expenses.

Operationally, Quartzsea has not yet identified a specific target for its business combination and has not engaged in substantive discussions with potential candidates. The company has until June 19, 2026, to complete its initial business combination, or it will face automatic liquidation. The management has expressed concerns regarding its ability to continue as a going concern, citing significant costs associated with pursuing acquisition plans and the uncertainty surrounding the completion of a business combination.

Looking ahead, Quartzsea's management remains focused on identifying suitable business combination targets and utilizing the capital raised through its IPO and private placements. However, the company acknowledges the challenges posed by market conditions and the need for additional funding to sustain operations until a business combination is finalized. The financial statements reflect these uncertainties, and management has indicated that there are no assurances regarding the successful completion of a business combination within the specified timeframe.