[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","mtcczpwmpzbtfn7zj75ocz3y5","revision",2,"title","Quartzsea Acquisition Corp截至2026年8月31日财报披露","originalTitle","Quartzsea Acquisition Corp (0002047455) (Filer)","summary","Quartzsea Acquisition Corp截至2026年8月31日，现金仅848美元，信托账户余额7,355.09万美元，净收入458,897美元，每股收益0.04美元。公司与Eight Directions Technology Limited的合并协议已延期至2026年10月19日，但面临流动性风险及持续经营不确定性。","reason","公司现金储备薄弱，业务合并延期至2026年10月19日，存在持续经营重大不确定性。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-09T20:39:10.000Z","discoveredAt","2026-10-09T22:24:47.130Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",78,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f4qLpf52XR_M",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","8146ec1f-8dda-427e-8792-2ad3e7dc3fe1","Quartzsea Acquisition Corp 财报与合并延期",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(选择一项)

☒ 根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

截至 2026年8月31日的季度

☐ 根据《1934年证券交易法》第13条或第15(d)条提交的过渡报告

从至的过渡期

委员会文件编号: 001-42555

Quartzsea Acquisition Corporation

(注册人根据其章程指定的名称)

\n \n \n \n \n \n \n \n \n

开曼群岛		N/A00-0000000
(注册或组织的州或其他司法管辖区)		(美国国税局雇主识别号)

1185 大道, 304 室

纽约, 纽约州 10036

(主要执行办公室地址)

电话: (212) 612-1400

(发行人电话号码)

检查是否发行人(1)在过去12个月(或注册人需提交此类报告的较短期间)内提交了根据《交易法》第13条或第15(d)条应提交的所有报告，以及(2)在过去90天内一直受此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否在前12个月内(或注册人需提交此类文件的较短期间)根据S-T条例第405条(本章第232.405条)提交了所有要求提交的交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

大型加速提交者	☐	加速提交者	☐
非加速提交者	☒	较小报告公司	☒
		新兴成长公司	☒

如果是一家新兴成长公司，请通过勾选方框表明注册人是否选择不使用《交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司(根据《交易法》第12b-2条的定义)。是 ☒ 否 ☐

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

每类的名称	交易代码	每种注册的交易所名称
每份单位包含一股普通股和一个权利	QSEAU	纳斯达克股票市场有限责任公司
面值为每股0.0001美元的普通股	QSEA	纳斯达克股票市场有限责任公司
每个权利使持有人有权获得五分之一股普通股	QSEAR	纳斯达克股票市场有限责任公司

截至2026年10月9日，已发行并流通的普通股为10,134,518\n普通股，包括单位所含普通股，每股面值0.0001美元。

Quartzsea Acquisition Corporation

2026年8月31日止季度的10-Q表格

		页码
第一部分 – 财务信息

第1项。	财务报表	1
	截至2026年8月31日（未经审计）和2025年11月30日的合并资产负债表	1
	2026年8月31日及2025年8月31日止三个月及九个月的未经审计的合并损益表	2
	2026年8月31日及2025年8月31日止三个月及九个月的未经审计的合并股东权益变动表	3
	2026年8月31日及2025年8月31日止九个月的未经审计的合并现金流量表	4
	未经审计的合并财务报表附注	5
第2项。	管理层讨论与分析	20
第3项。	关于市场风险的定量和定性披露	25
第4项。	控制与程序	26

第二部分 – 其他信息

第1项。	法律诉讼	27
第1A项。	风险因素	27
第2项。	未注册的股权证券销售及资金使用	27
第3项。	高级证券违约	27
第4项。	矿山安全披露	27
第5项。	其他信息	27
第6项。	附录	28

签名	29

第一部分 – 财务信息

第1项. 财务报表

QUARTZSEA ACQUISITION CORPORATION

合并资产负债表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年8月31日 \n			2025年11月30日
	（未经审计）
资产：
流动资产
现金	$	848			$	12,095
来自关联方的应收款		-				19,575
预付费用		67,807				60,824
流动资产总额		68,655				92,494

预付费用		-				41,699
存放在信托账户的投资		74,568,817				85,202,732
总资产	$	74,637,472			$	85,336,925

负债、可能赎回的普通股和股东权益
流动负债
应计管理费用	$	240,000			$	60,000
应付账款和应计费用		786,254				681,883
应付目标公司（Eight Directions）		350,000				-
目标公司（Eight Directions）的本票		175,000				-
关联方的本票		250,000				-
应付关联方		71,478				-
流动负债总额\n		1,872,732				741,883

应付承销费用		2,982,753				3,312,000
总负债		4,855,485				4,053,883

承诺和或有事项 – 参见注释6
普通股，7,004,618\n 股和8,280,000\n 股，按2026年8月31日和2025年11月30日的赎回价值分别为$10.65\n 和$10.29\n 每股		74,568,817				85,202,732

股东权益
普通股，面值$0.0001\n ；500,000,000\n 股已授权；3,129,900\n 股已发行并流通，截至2026年8月31日和2025年11月30日（不包括截至2026年8月31日和2025年11月30日可能赎回的7,004,618股和8,280,000股）		313				313
累计亏损		(4,787,143	)			(3,920,003	)
股东权益总额\n		(4,786,830	)			(3,919,690	)
总负债，普通股可能赎回部分及股东权益赤字	$	74,637,472			$	85,336,925

附注是这些未审计的合并财务报表不可分割的一部分。

QUARTZSEA ACQUISITION CORPORATION

未审计的合并损益表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	截至 8月 31日的三个月			截至 \n8月 31日的九个月
	2026			2025			2026		2025
一般及行政费用	$	244,041			$	564,800		$	671,490		$	1,326,051
运营亏损		(244,041	)			(564,800	)		(671,490	)		(1,326,051	)

其他收入：
利息收入		42				4,101			103			14,005
投资产生的利息收入		702,896				879,546			2,233,041			1,572,491
其他收入总额		702,938				883,647			2,233,144			1,586,496
净利润	$	458,897			$	318,847		$	1,561,654		$	260,445

基本和稀释加权平均流通股，普通股可能赎回部分		7,323,464				8,280,000			7,958,827			4,986,131
基本和稀释每股净利润，普通股可能赎回部分	$	0.04			$	0.03		$	0.14		$	0.03
基本和稀释加权平均流通股，不可赎回普通股		3,129,900				3,129,900			3,129,900			2,887,276
基本和稀释每股净利润，不可赎回普通股	$	0.04			$	0.03		$	0.14		$	0.03

附注是这些未审计的合并财务报表不可分割的一部分。

QUARTZSEA ACQUISITION CORPORATION

未审计的合并股东权益变动表

截至2026年8月31日的三个月和九个月


						额外			总计
	普通股		已付股本			累计		股东权益
	股份数量		金额			资本		赤字	赤字
2025年11月30日余额		3,129,900		$	313		$	-	$	(3,920,003	)	$	(3,919,690	)
按赎回价值重新计量账面价值		-			-			-		(759,908	)		(759,908	)
净利润		-			-			-		529,085			529,085
2026年2月28日余额		3,129,900		$	313		$	-	$	(4,150,826	)	$	(4,150,513	)
按赎回价值重新计量账面价值		-			-			-		(770,237	)		(770,237	)
净利润		-			-			-		573,672			573,672
2026年5月31日余额		3,129,900		$	313		$	-	$	(4,347,391	)	$	(4,347,078	)
按赎回价值重新计量账面价值		-			-			-		(702,896	)		(702,896	)
存入信托账户的延期费用		-			-			-		(525,000	)		(525,000	)
递延承销费用调整										329,247			329,247
净利润		-			-			-		458,897			458,897
2026年8月31日余额		3,129,900		$	313		$	-	$	(4,787,143	)	$	(4,786,830	)

截至2025年8月31日的三个月和九个月

										总计
						额外				股东的
	普通股		实缴			累计		权益
	股份		金额			资本		赤字		(赤字)
余额 - 2024年11月30日		2,898,000		$	290		$	24,710		$	(10,166	)	$	14,834
净亏损		-			-			-			(31,255	)		(31,255	)
余额 - 2025年2月28日		2,898,000		$	290		$	24,710		$	(41,421	)	$	(16,421	)
私募单位的发行		231,900			23			2,318,977			-			2,319,000
公开发行权的发行（扣除发行成本后）		-			-			1,804,080			-			1,804,080
按赎回价值重新计量账面价值		-			-			(6,858,776	)		-			(6,858,776	)
额外实缴资本向累计赤字的摊销		-			-			2,711,009			(2,711,009	)		-
净亏损		-			-			-			(27,147	)		(27,147	)
余额 - 2025年5月31日		3,129,900		$	313		$	-		$	(2,779,577	)	$	(2,779,264	)
按赎回价值重新计量账面价值		-			-			-			(879,546	)		(879,546	)
净收益		-			-			-			318,847			318,847
余额 - 2025年8月31日		3,129,900		$	313		$	-		$	(3,340,276	)	$	(3,339,963	)

附注是这些未经审计的合并财务报表的组成部分。

QUARTZSEA ACQUISITION CORPORATION

未经审计的合并现金流量表


	截至九个月结束 2026年8月31日			截至九个月结束 2025年8月31日
经营活动产生的现金流量：
净利润	$	1,561,654			$	260,445
调整以将净利润调节为经营活动使用的净现金：
短期投资产生的利息		-				(7,966	)
信托账户中持有的投资产生的利息		(2,233,041	)			(1,572,491	)
经营性资产和负债的变化：
预付费用		34,716				(134,377	)
应计管理费用		180,000				-
应付账款和应计费用		104,371				282,946
经营活动使用的净现金		(352,300	)			(1,171,443	)

投资活动产生的现金流量：
存入信托账户的现金\n		(525,000	)			-
从信托账户中提取现金以支付赎回的公众股东		13,391,956				-
购买短期投资		-				(600,000	)
出售短期投资所得		-				607,966
购买信托账户中的投资		-				(82,800,000	)
投资活动产生的（使用）的净现金		12,866,956				(82,792,034	)

融资活动产生的现金流量：
向赎回公众股东支付的款项		(13,391,956	)			-
出售公众单位的收益		-				82,800,000
出售私募配售单位的收益		-				2,319,000
来自关联方的应收款		19,575				-
应付关联方款项		71,478				-
应付目标公司（八方）款项		350,000				-
来自关联方的本票收益		250,000				-
来自目标公司的本票收益		175,000				-
支付承销商费用		-				(586,500	)
偿还关联方本票		-				(500,000	)
支付发行成本		-				(273,251	)
融资活动产生的净现金（使用）/提供的现金		(12,525,903	)			83,759,249

现金的净变动		(11,247	)			(204,228	)
期初现金余额		12,095				311,000
期末现金余额	$	848				106,772

非现金融资活动的补充披露：
额外实收资本累计至累计亏损的摊销	$	-			$	2,711,009
按赎回价值重新计量账面价值	$	2,758,041			$	7,738,322
递延的承销费用（调整）应付	$	(329,247	)		$	3,312,000
以前年度递延发行成本计入额外实收资本	$	-			$	190,000

附注是未经审计的合并财务报表的组成部分。

QUARTZSEA ACQUISITION CORPORATION

未经审计的合并财务报表附注

注1 — 组织、业务运营

Quartzsea Acquisition Corporation（“公司”或“Quartzsea”）是一家于2024年11月5日在开曼群岛根据有限责任公司法律成立的空白支票公司。公司成立的目的是与一个或多个企业或实体（“业务合并”）进行合并、股份交换、资产收购、股份购买、重组或类似的企业合并。公司不限于特定行业或部门以完成业务合并。公司是一家早期阶段和成长型公司，因此，公司面临所有与早期阶段和成长型公司相关的风险。

截至2026年8月31日，公司尚未开展任何业务。从2024年11月5日（成立）至2026年8月31日，公司的努力仅限于组织活动以及完成首次公开募股（“IPO”）的活动，以及IPO之后，寻找一家目标公司进行业务合并。公司最早在业务合并完成后才会产生任何运营收入。公司将在业务合并完成后产生非运营收入，形式为来自IPO和私募配售单位（如下所述）收益的股息和/或利息收入。公司选择了11月30日作为财年结束日期。

公司的发起人是Blue Jay Investment LLC（“发起人”），这是一家特拉华州有限责任公司。

IPO的注册声明于2025年3月14日被宣布生效。2025年3月19日，公司完成了8,280,000个单位（“公众单位”）的IPO，包括承销商授予的1,080,000个单位的超额配售选择权的全部行使。公众单位以每单位10.00美元的发行价出售，产生毛收益82,800,000美元。与IPO同时，公司以每单位10.00美元的价格向其发起人出售了231,900个单位（“私募单位”），在私募中产生了2,319,000美元的总毛收益，这在注释4中有所描述。

交易成本总计为$4,361,752，其中包括$3,898,500的承销佣金，其中$586,500在IPO结束时以现金支付，$463,252为法律和其他发行成本。在IPO日期，$1,245,878现金存放在信托账户（如下所述）之外，可用于营运资金目的。

公司管理层在IPO和私人单位销售的净收益的具体应用方面拥有广泛自主权，尽管大部分净收益旨在一般用于完成业务合并。不能保证公司能够成功完成业务合并。公司必须在达成初步业务合并协议时，完成一项业务合并，其总公允市场价值至少为信托账户（如下所述）所持资产的80%（不包括递延承销佣金和信托账户利息产生的应缴税款）。如果交易后公司拥有或收购目标公司50%或更多已发行投票证券，或以其他方式在目标公司获得足够的控制权，使其不需要根据1940年投资公司法案（经修订）（“投资公司法案”）注册为投资公司，公司将仅完成一项业务合并。

在IPO结束时，管理层同意将至少$10.00每公开股份的单位在IPO中出售将存入基于美国的信托账户（“信托账户”）。存入信托账户的资金只能投资于期限为185天或以下的美国政府国库券，或符合1940年投资公司法案下规则 2a-7规定的货币市场基金，并且仅投资于美国国库券。信托基金将存入美国的信托账户，仅在以下情况之一发生时才会释放：(i) 完成业务合并或(ii) 公司未能在适用的时间段内完成业务合并。

公司将为其已发行的公开股份（“公开股东”）提供在完成业务合并后赎回其全部或部分公开股份的机会， either (i) 与召开批准业务合并的股东会议有关，或 (ii) 通过要约收购。公司是否寻求股东批准业务合并或进行要约收购的决定将由公司自行决定。公开股东有权按比例获得当时信托账户中的金额（最初为每公开股份$10.00，加上信托账户中持有的资金产生的按比例利息，且未先前释放给公司用于支付其特许经营税和所得税义务）。根据会计准则汇编（“ASC”）第480条“区分负债与权益”，在2025年3月19日IPO完成后，可赎回的公开股份按赎回价值记录并作为临时权益分类。

如果公司寻求股东批准，那么在投票的股份中，多数股份将投赞成票支持业务合并。如果法律不要求股东投票，且公司因业务或其他法律原因决定不举行股东投票，公司将根据其修订和重述的公司章程，按照美国证券交易委员会（“SEC”）的要约收购规则进行赎回，并在完成业务合并前向SEC提交要约收购文件。然而，如果法律要求对交易进行股东投票，或公司出于业务或法律原因决定获得股东投票，公司将根据代理规则与代理征求一起提供赎回股份，并非根据要约收购规则进行。此外，每位公众股东均可选择赎回其公众股份，无论其是否投票支持或反对该拟议交易。如果公司就业务合并寻求股东批准，公司的发起人以及可能持有创始人股份（如第5号注释中定义的“初始股东”）的任何公司高管或董事，以及承销商已同意（a）就其创始人股份、私人股份（如第4号注释中定义的“私人股份”）以及在IPO期间或之后购买的任何公众股份（除在赎回要约之外购买的公众股份外，这些股份可能无法根据《交易法》第14e-5条的规定以及任何SEC的解释或指导进行投票支持业务合并交易）投票支持批准业务合并，以及（b）在批准业务合并的股东投票中不转换任何股份（包括创始人股份），或在与拟议业务合并相关的要约收购中将股份出售给公司。

尽管有上述规定，如果公司就业务合并寻求股东批准，但未根据要约收购规则进行赎回，修订和重述的公司章程规定，公众股东及其任何关联方或与该股东共同行动或作为“集团”（根据《1934年证券交易所法》第13条定义）的任何其他人，未经公司事先同意，不得赎回其股份，且该股份总数超过公众股份的15%或更多。

初始股东已同意（a）放弃其在完成业务合并时对其持有的创始人股份、私人股份和公众股份的赎回权利，以及（b）不提议或投票支持对修订和重述的公司章程的任何修改，该修改将影响公司赎回100%公众股份的义务的实质或时间，除非公司为公众股东提供在任何此类修改中与其一起赎回其公众股份的机会。

公司最初有15个月的时间从IPO完成之日起，或至2026年6月19日，完成其首次业务合并（“合并期”）。\n如果公司在合并期内无法完成业务合并，公司将（i）除为清算目的外，停止所有运营，（ii）在合理可能的最短时间内，但不迟于之后的十个营业日，按每股价格以现金赎回公众股份，该价格等于当时信托账户中存款总额（包括利息，利息需扣除应缴税款）除以当时已发行的公众股份总数，该赎回将完全终止公众股东作为股东的权利（包括如有的进一步清算分配权利），受适用法律约束，以及（iii）在该赎回之后，合理可能的最短时间内，在公司剩余股东和董事会批准后，解散并清算，每种情况均受公司根据开曼群岛法律对债权人索赔的义务和其他适用法律要求的约束。

2026年6月23日，公司召开特别股东大会，股东批准了多项事项，其中包括对现有章程的修订，将Quartzsea必须完成首次业务合并的日期从2026年6月19日延长至2026年10月19日，按月延长，通过存入金额等于（i）175,000美元或（ii）每已发行公众股份0.033美元中的较小者。在特别股东大会期间，持有1,275,382股Quartzsea普通股的股东已适当行使了赎回权利。这些股份以约10.50美元每股的价格赎回，从信托账户中支付了总计13,391,956美元10,134,518股Quartzsea普通股已发行并流通，信托账户中仍有73,550,934美元存款。

发起人和其他初始股东已同意放弃其对创始股份和私人股份的清算分配权利，如果公司未能在合并期内完成业务合并。然而，如果发起人或其他初始股东在IPO中或之后获得公众股份，那么如果公司未能在合并期内完成业务合并，这些公众股份将有权获得信托账户中的清算分配。

为了保护信托账户中的金额，如果供应商对向公司提供的服务或销售的产品提出索赔，或公司曾讨论过交易协议的潜在目标业务，导致信托账户中的资金减少到低于每份公众股份< span>10.00美元，除非第三方已与公司签署有效的可执行协议，放弃其对信托账户中任何资金的任何权利、所有权、利益或索赔，也除非是公司对IPO承销商的赔偿责任下的索赔，包括根据经修订的1933年证券法（“证券法”）规定的责任，发起人同意对公司负责。此外，如果执行的放弃条款被认定对第三方不可执行，发起人将不对该第三方的索赔负责。

子公司

2025年5月20日，Cuisine Universal Packaging Solution（一家开曼群岛免税公司，是Quartzsea的全资子公司（“购买方”））成立，作为拟议业务合并后的存续公司。2026年5月7日，购买方更名为“Eight Directions Global Limited”

2025年5月21日，CUPS Sub Limited（一家开曼群岛免税公司，是购买方的全资子公司）成立，作为拟议业务合并中的合并子公司。

两家子公司均无主要业务或产生收入的活动。

终止与Broadway Tech的合并协议

2025年6月6日，Quartzsea、Cuisine Universal Packaging Solution（一家开曼群岛免税公司，是Quartzsea的全资子公司）和CUPS Sub Limited（一家开曼群岛免税公司，是购买方的全资子公司（“合并子公司”））与Broadway Technology Inc（一家开曼群岛免税公司（“Broadway Tech”），通过其运营子公司浙江高凯新材料有限公司（Zhejiang Gaokai New Materials Co., Ltd.）生产高质量的PET（聚对苯二甲酸乙二醇酯）杯和盖子，Pivot Technology Holding Inc（一家英属维尔京群岛（“BVI”）公司，根据英属维尔京群岛法律成立），以及Zenith Technology International Inc（一家BVI公司，同样根据英属维尔京群岛法律成立）（各称为“主要股东”，合称为“主要股东”），以及个人Fan Zhang，仅以其作为主要股东的股东代表、代理人和律师的身份签署合并协议（“合并协议”）。本文中使用的首字母缩写词但未定义的术语应具有在先前合并协议中赋予的含义。

根据合并协议，Broadway Tech同意向Quartzsea的发起人Blue Jay Investment LLC提供500,000美元的营运资金贷款，以换取由发起人签发的本票。截至2026年8月31日，发起人已根据该安排收到500,000美元，并资助了约321,478美元的Quartzsea交易费用。

2026年3月17日，公司与Broadway Tech签订了终止、和解及互惠全面豁免协议，根据该协议，合并协议及其中规定的交易全部终止，自2026年3月17日起生效。终止协议规定了与合并协议和拟议交易相关的索赔的互惠豁免。由于中国证券监督管理委员会批准程序的持续时间以及相关的中国监管不确定性，双方签订了终止协议。终止时，任何一方均无需支付终止费用。

与Eight Directions的新合并协议

Quartzsea已签订并于2026年5月13日生效的协议和合并计划（以下简称“新合并协议”，可能不时修订），该协议规定了Quartzsea与Eight Directions Technology Limited（一家开曼群岛豁免公司，“Eight Directions”）之间的业务合并。根据合并协议，业务合并将分两步进行：(i) 在Quartzsea股东批准和通过合并协议及PubCo章程提案后，Quartzsea将与Eight Directions Global Limited（一家开曼群岛豁免公司，也是Quartzsea的全资子公司，“PubCo”）合并，PubCo作为存续的公开交易实体继续存在（“SPAC合并”）；(ii) 与SPAC合并同时进行，PubCo的全资子公司CUPS Sub Limited（一家开曼群岛豁免公司，“合并子公司”）将与Eight Directions合并，Eight Directions及其子公司在合并后作为PubCo的全资子公司继续存在（“收购合并”）。

收购合并的总对价为515,000,000美元，以51,500,000股新发行的PubCo普通股（“交割支付股份”）形式支付，每股市值为10.00美元，给予Eight Directions及其股东。在收购合并交割时，原Eight Directions股东持有的Eight Directions已发行和流通股份将被取消并终止，作为交换，将发行总计25,750,000股PubCo A类普通股和25,750,000股PubCo B类普通股。在收购合并交割时，PubCo持有的合并子公司的一股已全额支付股份将变为存续公司的每股已全额支付股份，从而使Eight Directions成为PubCo的全资子公司。

在业务合并完成后，PubCo的普通股将重新分类为A类普通股（“PubCo A类普通股”）和B类普通股（“PubCo B类普通股”，与PubCo A类普通股合称为“PubCo普通股”），其中每一份PubCo A类普通股在公司股东大会上对所有事项均有1票表决权，每一份PubCo B类普通股在所有股东大会上对所有事项均有10票表决权。在业务合并完成后，前Quartzsea股东将获得每一份Quartzsea普通股对应的一份PubCo A类普通股以及每一份Quartzsea权利对应五分之一（1/5）份PubCo A类普通股，而前Eight Directions股东将获得总计25,750,000份PubCo A类普通股和25,750,000份PubCo B类普通股。

根据新的合并协议，Eight Directions同意向Quartzsea的发起人Blue Jay Investment LLC提供一笔300,000美元的营运资金贷款，以换取由发起人于2026年8月21日发行的本票。该本票不计利息，除非发生违约事件，由发起人持有的30,000股Quartzsea普通股担保，并可通过现金支付或以每股10.00美元价值的创始人股份转让来偿还。截至2026年8月31日，发起人已根据该安排获得300,000美元，且未向Quartzsea的交易费用注资。

此外，Eight Directions负责支付与Quartzsea延长完成首次业务合并期限相关的所有延长费用。根据该义务，Eight Directions在向Quartzsea的信托账户支付每笔适用的延长费用后，Quartzsea将根据信托协议安排相应的付款。截至2026年8月31日，Eight Directions已向Quartzsea的信托账户存入三次延长费用，每次175,000美元，总计525,000美元。第一个175,000美元的延长费用于2026年6月25日存入。Quartzsea于2026年8月21日向Eight Directions签发了一张175,000美元的本票，并将剩余的350,000美元记录为应付目标公司。

终止

新的合并协议包含常规的终止条款，可在特定情况下由任一方终止，包括双方书面同意、未能满足某些交割条件、发生重大不利影响、尽管进行了商业上合理的努力仍未能获得必要的监管批准、在完成交易方面出现指定的延迟，或在适用的补救期后另一方未纠正的重大违约。

在一方未纠正的严重违约情况下，非违约方可能有权获得500,000美元的终止费。\n如果因双方合理控制范围外的特定事件导致新合并协议终止，例如尽管已作出商业上合理的努力但仍未能获得必要的监管批准或其他在合并协议中规定的具体情况，则无需支付终止费。

相关协议

在签署新合并协议时，双方还签署了以下相关协议：

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发起人支持协议。发起人和某些创始人股东同意，除其他事项外，将投票支持业务合并，于交割前不得转让或赎回其涵盖的股份，并遵守支持交易的某些常规承诺。发起人支持协议在业务合并交割或合并协议终止中较早发生时终止。

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股东支持协议。Eight Directions的某些股东同意投票支持业务合并，并受某些常规承诺的约束，以促进交易的完成。

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锁定期协议。在业务合并交割时，某些Eight Directions的股东预计将在交割后180天内签订限制指定PubCo普通股转让的锁定期协议，协议中规定了常规的例外情况和提前释放条款。

纳斯达克合规

2026年8月19日，Quartzsea收到纳斯达克上市资格部工作人员的信函，通知Quartzsea，由于其未能支付根据纳斯达克上市规则5250(f)要求的某些费用，纳斯达克已决定将Quartzsea的证券退市。该信函指出，Quartzsea的逾期费用余额为75,000美元，并且除非Quartzsea及时对纳斯达克的决定提出上诉，否则在2026年8月28日业务开始时，Quartzsea的普通股交易将被暂停，之后纳斯达克将向SEC提交一份Form 25-NSE，以将Quartzsea的证券从纳斯达克的上市和注册中取消。Quartzsea被给予到2026年8月26日东部时间下午4点前向纳斯达克听证小组申请听证会的机会。

2026年8月25日，Quartzsea全额支付了75,000美元的逾期费用，并向纳斯达克提供了付款证明。2026年8月26日，Quartzea收到纳斯达克的书面确认，确认根据纳斯达克上市规则5250(f)的不足已得到纠正，退市决定已被撤销。

持续经营考虑

截至2026年8月31日，公司拥有848美元现金，营运资本赤字为1,804,077美元。公司已发生并预计将继续发生重大费用，以实现首次业务合并的完成。

在2026年6月23日，公司股东批准了对公司治理文件和投资管理信托协议的修订，将完成首次业务合并的截止日期从2026年6月19日延长至2026年10月19日，并且可以按月延长最多四个额外的一个月期限。如果公司在规定的时间内未能完成业务合并，公司将被要求根据其修订和重述的公司章程停止运营并进行清算。

根据ASC 205-40，《财务报表——持续经营》，管理层评估了在财务报表发布日后一年内是否存在可能对公司的持续经营能力产生重大怀疑的情况。管理层得出结论认为，由于公司的流动性状况以及必须在规定期限内完成业务合并以避免清算的要求，公司的持续经营能力存在重大怀疑。未经审计的合并财务报表未包含可能因该不确定性结果而产生的任何调整。

注2 — 重要会计政策

列报基础

随附的未经审计的合并财务报表按照美国通用会计原则（“U.S. GAAP”）以及证券交易委员会（SEC）的规则和法规编制。因此，它们不包含U.S. GAAP要求的所有信息和脚注。在管理层看来，未经审计的合并财务报表反映了所有必要的调整，仅包括为公允列报所呈现期间的余额和结果所需的正常经常性调整。应结合公司于2026年3月16日向SEC提交的截至2025年11月30日止财年的年度报告10-K表格一起阅读。截至2026年8月31日的三个月和九个月的中期结果不一定反映截至2026年11月30日或任何未来期间可能获得的结果。

新兴成长型公司状态

该公司是根据《1933年证券法》（经修订）第2(a)条定义的“新兴成长型公司”（“证券法”），并根据《2012年促进我们的商业初创企业法案》（“JOBS法案”）进行了修改，它可以利用某些豁免，这些豁免适用于其他非新兴成长型公司的公开公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404条的审计师鉴证要求、在定期报告和代理声明中减少有关高管薪酬的披露义务，以及免除对高管薪酬进行非约束性咨询投票和股东批准任何未事先批准的黄金降落伞支付的要求。

此外，《JOBS法案》第102(b)(1)条规定，新兴成长型公司可以免于遵守新的或修订的财务会计准则，直到私人公司（即那些未有《证券法》注册声明被认定有效，或没有根据《交易法》注册证券类别的公司）被要求遵守新的或修订的财务会计准则为止。《JOBS法案》规定，公司可以选择退出延长的过渡期，并遵守适用于非新兴成长型公司的要求，但任何此类退出选择都是不可撤销的。该公司已选择不退出该延长的过渡期，这意味着当一项准则被发布或修订，并且对公众公司或私人公司有不同的适用日期时，作为新兴成长型公司，该公司可以在私人公司采用新修订的准则时采用该新修订的准则。这可能使该公司财务报表与另一家既不是新兴成长型公司，也没有退出使用延长过渡期的公众公司的财务报表之间的比较变得困难或不可能，因为可能使用了不同的会计准则。

估计的使用

在按照美国通用会计准则编制这些未经审计的合并财务报表时，公司的管理层会做出估计和假设，这些估计和假设会影响财务报表日的资产和负债的报告金额以及或有资产和负债的披露，以及报告期间的报告费用。

做出估计需要管理层进行重大判断。至少可以合理地认为，管理层在制定估计时考虑的在财务报表日存在的条件、情况或情形的影响估计，可能由于一个或多个未来确认事件而在近期发生变化。因此，实际结果可能与这些估计有显著差异。

现金及现金等价物

公司将购买时原始到期日为三个月或更短的短期投资视为现金等价物。截至2026年8月31日和2025年11月30日，公司现金分别为848 和12,095 ，现金等价物分别为none。

信托账户中的投资

截至2026年8月31日，信托账户中持有的大部分资产均以货币市场基金形式持有，这些基金主要投资于美国国库证券。公司持有的所有信托账户中的投资均被归类为交易性证券。交易性证券在每个报告期末按公允价值列示在资产负债表上。在信托账户中持有的投资的公允价值变动产生的收益和损失包含在附表中的投资利息收入中。信托账户中投资的估计公允价值是根据可用的市场信息确定的。这些投资的公允价值通过使用活跃市场中相同资产的未调整报价的Level 1输入值确定。

信用风险集中

公司可能面临信用风险集中情况的金融工具包括在金融机构的现金账户，该账户有时可能超过250,000美元的联邦存款保险覆盖金额。公司在此账户上未遭受损失，管理层认为公司在此账户上不面临重大风险。

金融工具的公允价值

根据财务会计准则委员会（“FASB”）会计准则汇编（“ASC”）820《公允价值计量》规定，属于金融工具的公司资产和负债的公允价值近似于附带资产负债表中所列的账面金额，主要是由于它们的短期性质。

发行成本

公司遵守FASB ASC第340-10-S99-1节“其他资产和递延成本-SEC材料”（“ASC 340-10-S99”）和SEC工作人员会计公报第5A节“发行费用”的要求。递延发行成本为4,361,752美元，主要包括3,898,500美元的承销费用和463,252美元与IPO直接相关的法律和其他费用。分配至公众股份的发行成本计入临时权益，而分配至公众权利和私募单位的发行成本则根据IPO完成后底层金融工具的分类计入股东权益。

可能被赎回的普通股

公司根据ASC第480主题“区分负债与权益”（ASC 480）的指导原则，对其可能被赎回的普通股进行核算。如果有的话，必须赎回的普通股将被归类为负债工具，并按公允价值计量。有条件赎回的普通股（包括具有赎回权的普通股，该赎回权可能在持有人控制之下，或在不确定事件发生时赎回，而该事件并非完全由公司控制）将被归类为临时权益。在其他所有时间，普通股将被归类为股东权益。根据ASC 480-10-S99，公司将可能被赎回的普通股归类为永久权益以外的项目，因为赎回条款并非完全由公司控制。鉴于在IPO中作为单位一部分发行的8,280,000普通股是与其他独立工具（即权利）一起发行的，因此被归类为临时权益的普通股的初始账面价值已根据ASC 470-20的规定分配到确定的收益中。如果很可能该权益工具将变得可赎回，公司可以选择（i）从发行日（或如果更晚，则从很可能该工具将变得可赎回的日期）到该工具最早赎回日的期间内，对赎回价值的变化进行累进计算，或者（ii）立即确认赎回价值的变化，并在每个报告期末将该工具的账面金额调整为赎回价值。公司选择立即确认这些变化。初始累进计算和后续重新计量将被视为拟设股息（即，减少留存收益，或在没有留存收益的情况下，增加额外的实收资本）。因此，截至2026年8月31日，可能被赎回的普通股按赎回价值作为临时权益列示，不在公司资产负债表的股东权益部分中。

截至2026年8月31日，资产负债表中反映的可赎回普通股在下表中进行调节：

可赎回普通股明细表
	股份数量			金额
IPO的毛收益		8,280,000			$	82,800,000
减：
分配给公众权利的收益		-				(1,904,400	)
与可赎回股份相关的发行成本分配		-				(4,261,431	)
加：
将账面价值重新计量至赎回价值		-				8,568,563
截至2025年11月30日的可能被赎回普通股		8,280,000			$	85,202,732
加：
将账面价值重新计量至赎回价值		-				2,758,041
赎回公众股东		(1,275,382	)			(13,391,956	)
可能被赎回的普通股 – 2026年8月31日		7,004,618			$	74,568,817

每股净收益

公司遵守FASB ASC 260，每股收益的会计和披露要求。未经审计的合并损益表包括按照每股收益的两层法呈现的可赎回股份每股净收入和不可赎回股份每股净收入，因为根据ASC 480-10-S99的指导，可赎回股份的赎回不是按公允价值进行的。普通股每股净收入是通过将净收入除以当期加权平均流通普通股数计算得出的。公司选择仅将可赎回股份账面价值定期调整中反映超过公允价值赎回的部分视为股息。因此，每类普通股可分配的收入或损失不考虑账面价值向赎回价值的增值。

稀释性普通股每股净收入的计算不考虑与IPO和私人单位相关发行的权利的影响，因为行使这些权利取决于未来事件的发生。截至2026年8月31日，公司没有任何可能被行使或转换为普通股并分享公司收益的稀释性证券或其他合同。因此，所列期间的稀释性普通股每股净收入与基本普通股每股净收入相同。

未经审计的合并损益表中呈现的普通股每股净收入基于以下内容：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

损益表安排

截至三个月

2026年8月31日

2026

截至三个月

2026年8月31日

2025

截至九个月

2026年8月31日

2026

截至九个月

2026年8月31日

2025

净收入

458,897

318,847

1,561,654

260,445

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

每股净收入安排
	截至三个月 \n2026年8月31日		截至三个月 \n2025年8月31日
	可赎回 \n普通股股份数		不可赎回 \n 普通股 \n股份数			可赎回 \n普通股股份数		不可赎回 \n普通股 \n股份数
基本和稀释性普通股每股净收入
分子：
净收入的分配	$	321,496		$	137,401		$	231,383	$	87,464

分母：
基本和稀释性加权平均股份数		7,323,464			3,129,900			8,280,000		3,129,900
基本和 \n稀释性普通股每股净收入	$	0.04		$	0.04		$	0.03	$	0.03

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	截至九个月 2026年8月31日 \n 2026		截至九个月 2026年8月31日 \n 2025
	可赎回 \n普通股股份数		不可赎回 \n普通股 \n股份数			可赎回 \n普通股股份数		不可赎回 \n普通股 \n股份数
基本和稀释性普通股每股净收入
分子：
净收入的分配	$	1,120,862		$	440,792		$	164,937	$	95,508

分母：
基本和稀释性加权平均股份数		7,958,827			3,129,900			4,986,131		2,887,276
基本和 \n稀释性普通股每股净收入	$	0.14		$	0.14		$	0.03	$	0.03

权利会计

公司根据ASC 480和ASC 815中的具体条款和适用的权威指南，将权利归类为权益类或负债类工具。该评估考虑了权利是否根据ASC 480作为独立的金融工具、是否根据ASC 480符合负债的定义，以及根据ASC 815的权利是否满足所有权益分类要求，包括权利是否与公司自身普通股挂钩，以及在公司无法控制的情况下，权利持有人是否可能要求“净现金结算”等其他权益分类条件。该评估需要运用专业判断，在权利发行时以及权利存续期间每个后续季度末进行。

对于符合权益分类所有标准的已发行或修改的权利，应在发行时作为权益的一部分进行记录。对于不符合权益分类所有标准的已发行或修改的权利，应在发行日按初始公允价值作为负债进行记录，并在之后的每个资产负债表日进行记录。权利估计公允价值的变化将在损益表中作为非现金收益或损失进行确认。

在IPO关闭和私募配售单位销售时发行的权利符合ASC 815下的权益分类标准，因此被归类为权益。

所得税

2025年7月4日，特朗普总统签署了《一个巨大美丽法案》（“OBBBA”）。ASC 740“所得税”要求在立法颁布的期间确认税法变化的影响。公司目前正在评估新法律。然而，预计这些税收条款不会对公司的财务报表产生重大影响。

公司按照ASC 740处理所得税，该准则要求确认由于资产和负债的财务报表基础与税务基础之间的差异以及预计从税务亏损和税务抵免结转中获得的未来税务利益所产生的递延税资产和负债。ASC 740还要求在很可能无法实现全部或部分递延税资产时建立抵销准备金。

ASC 740还明确了企业在财务报表中对所得税不确定性的会计处理，并规定了在税务申报中采取或预期采取的税务立场在财务报表确认和计量中的确认门槛和计量程序。为了确认这些利益，税务立场必须在税务当局审查时更有可能被维持。ASC 740还提供了关于终止确认、分类、利息和罚款、中期期间的会计处理、披露和过渡的指导。根据公司的评估，已得出结论，公司财务报表中无需确认任何重大税务不确定事项。

公司将其与未确认税务优惠相关的应计利息和罚款作为所得税费用确认。截至2026年8月31日，没有未确认的税务优惠，也没有为利息和罚款计提任何金额。公司目前未发现任何可能产生重大支付、计提或与其立场重大偏离的审查事项。

公司被视为一家免税的开曼群岛公司，目前在开曼群岛或美国不受所得税或所得税申报要求的约束。根据开曼群岛联邦所得税法规，不对公司征收所得税。因此，所得税未反映在公司的财务报表中。

近期会计准则

管理层认为，任何其他最近发布但尚未生效的会计准则，如果目前被采用，不会对公司的财务报表产生重大影响。

注3 — 首次公开募股

2025年3月19日，公司以每单位10.00美元的价格出售了8,280,000个单位（包括全额超额配售的1,080,000个单位）。每个单位包括一股面值为0.0001美元的普通股和一个权利（“公众权利”）。每个公众权利使持有者有权在公司首次业务合并完成后购买五分之一（1/5）股普通股。公司不会发行零碎股。

注4 — 私募

在IPO完成的同时，发起人以每份私募单位10.00美元的价格购买了总计231,900份私募单位，总购买价格为2,319,000美元。每份私募单位与IPO中出售的公众单位相同，只是它们未根据《证券法》注册。此外，发起人已同意在我们的业务合并完成后至少30天内，不转让、分配或出售任何私募单位或其下的证券。

每份私募单位包括一股普通股（“私募股”）和一个权利（“私募权”）。在完成业务合并后，每份私募权将转换为五分之一（1/5）股普通股。私募单位的收益已加入IPO的收益，这些收益已存入信托账户。如果公司未能在组合期内完成业务合并，私募单位的收益将用于资助公众股份的赎回（受适用法律要求的限制），而私募单位及其所有底层证券将变得一文不值。

注5 — 关联方交易

创始人股份

2024年11月5日，公司向发起人发行了1,725,000股普通股，总对价为25,000美元，约合每普通股0.0145美元。2025年2月12日，公司与发起人签订了《认购协议》第一修正案，根据该修正案，购买的股份数量调整为2,415,000股普通股，每普通股0.0104美元。2025年3月17日，公司与发起人签订了《认购协议》第二修正案，根据该修正案，创始人股份的购买数量调整为2,898,000股，其中378,000股可能被没收。由于承销商于2025年3月19日全部行使其超额配售选择权，因此没有股份面临被没收的情况。

初始股东同意（在某些有限例外情况下除外）在以下日期之前不得转让、分配或出售其任何创始人股份：（A）公司首次业务合并完成后的六个月，或（B）公司完成首次业务合并后的一次清算、合并、股票交换或其他类似交易的日期，该交易使所有公众股东都有权将其普通股股份兑换为现金、证券或其他财产。初始股东还同意在业务合并完成后的至少30天内，不得转让其私募股份的所有权，除非是转让给允许的受让人。

Promissory Notes — Related Party

On November 5, 2024, the Sponsor agreed to loan the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred in connection with the IPO (the “Promissory Note”). The Promissory Note is unsecured, interest-free and due on the date on which the Company closes the IPO. The loan was repaid upon the closing of the IPO out of the offering proceeds not held in the Trust Account on March 19, 2025.

On July 13, 2026, the Company issued to the Sponsor\na promissory note in an aggregate amount of up to $250,000, to be used, in part, for working capital and transaction expenses related\nto the business combination (the “July 2026 Promissory Note”). The July 2026 Promissory Note is unsecured, interest-free\nand due on the date on which the Company closes its initial business combination. As of August 31, 2026 and November 30, 2025, the Company\nhad $250,000 and $0 outstanding loan balance under the promissory notes.

Working Capital Loans

In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor, the Company’s officers and directors, or their affiliates/designees may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. If the Company completes the initial Business Combination, it would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such working capital loans (“Working Capital Loans”) may be convertible into private units, at a price of $10.00 per unit at the option of the lender, upon consummation of its initial Business Combination. The units would be identical to the Private Placement Units.

As\nof August 31, 2026 and November 30, 2025, the Company had no\nborrowings under the Working Capital Loans.

Administrative Services Agreement

The Company entered into an Administrative\nServices Agreement with the Sponsor on November 5, 2024, commencing on the effective date of the registration statement of the\ninitial public offering through the earlier of the consummation by the Company of an initial business combination or the\nCompany’s liquidation, to pay the Sponsor a total of $20,000\nper month for office space and administrative and support services. On February 12, 2025, the Company and the Sponsor entered\ninto the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $15,000.\nOn March 7, 2025, the Company and the Sponsor entered into the Second Amendment to the Administrative Services Agreement,\npursuant to which the monthly fee was amended to $20,000.\nThe Company incurred $60,000\nand $180,000\nfor the three and nine months ended August 31, 2026, respectively. The Company incurred and paid the Sponsor $60,000 and $111,400 for the three and nine months ended August 31, 2025. As of August 31, 2026 and November 30, 2025, the\nCompany accrued $240,000\nand $60,000\non the accompanying balance sheets, respectively.

Due to Related Party

The Sponsor paid certain transaction costs on\nbehalf of the Company. These non-interest-bearing amounts are payable on demand. As of August 31, 2026 and November 30, 2025,\nthe amount due to the related party was $71,478\nand $0,\nrespectively. Upon issuance, the outstanding balance will be converted into a new promissory note similar to the July 2026\nPromissory Note mentioned above.

Note 6 — Commitments and Contingencies

Risks and Uncertainties

Various social and political circumstances in the U.S. and around the world (including tariffs, rising trade tensions between the U.S. and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide.

As a result of these circumstances and the ongoing global conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and potential future sanctions on the world economy and the specific impact on the Company’s financial position, results of operations or ability to consummate a Business Combination are not yet determinable. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Registration Rights

The holders of the Founder Shares issued and outstanding as of March 19, 2025, as well as the holders of the private units and any shares of the Company’s insiders, officers, directors or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares of ordinary shares issuable upon conversion of the underlying the private rights), will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of the registration statement. The holders of a majority of these securities are entitled to make demands that the Company register such securities. Both the holders of the Founder Shares and the holders of the private units as well as shares issued in payment of working capital loans made to the Company, if applicable, will have the ability to elect to exercise these registration rights at any time after the consummation of an initial business combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of an initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company has granted SPAC Advisory Partners (“SAP”), the representative of the underwriters, a 45-day option from the date of the registration statement to purchase up to 1,080,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully excised its over-allotment option on March 19, 2025.

The underwriter is entitled to a cash\nunderwriting discount of 0.75%\non the first $69,000,000\nof the gross proceeds from the IPO, plus 0.50%\non the remaining $13,800,000,\ntotaling $586,500\nincluding the full excise of over-allotment option by the underwriter. In addition, the underwriter is entitled to a deferred fee of 4.0%\nof the gross proceeds of the IPO, or $3,312,000,\nwhich was recorded as a non-current liability as of November 30, 2025. On March 3, 2026, the Company entered into Amendment No.1 to\nthe Underwriting Agreement, which revised the calculation and payment terms of the deferred underwriting commission. Pursuant to the\namendment, the deferred underwriting commission will be payable from the trust account upon consummation of the Company’s\ninitial business combination and equals 4.00% of the gross proceeds from the sale of the firm units and option units, subject to a\ncap equal to 4.00% of the funds remaining in the trust account after giving effect to all properly submitted redemptions in\nconnection with the initial business combination. As a result, the deferred underwriting fees payable was reduced by $329,247 to\n$2,982,753 as of August 31, 2026. The amendment also clarifies that the underwriters may waive the deferred underwriting commission\nprior to the consummation of the Company’s initial business combination.

Right of First Refusal

The Company has granted SAP a right of first refusal for a period commencing from the consummation of the IPO until the earlier of (i) 10 months after the consummation of the initial business combination (or the liquidation of the Trust Account in the event that the Company fails to consummate its initial business combination within the prescribed time period) or (ii) 36 months after the consummation of the IPO in accordance with FINRA Rule 5110(g)(6)(A) to act as lead financial advisor, capital markets advisor, underwriter and/or private placement agent in connection with any initial business combination or in connection with any financing that occurs between the closing of the IPO and the date that is the earlier of (i) 10 months after the closing of the initial business combination or (ii) 36 months after the consummation of the IPO.

Finder’s Fee Agreement

On April 22, 2025, the Company entered into the Finder’s Fee Agreement with Hugh Grow Investment Ltd. (the “Finder”). Pursuant to the Finder’s Fee Agreement, the Company agreed to pay the Finder a one-time, non-refundable retainer fee in the amount of $350,000, payable upon the execution of Finder’s Fee Agreement (the “Retainer Fee”). The Company also agreed to pay the Finder a success fee in the amount of $3,500,000, payable upon the closing (or closings) of a potential target company introduced by the Finder. In addition, the Company agreed to reimburse the Finder on a monthly basis for all reasonable, actual, and verifiable out-of-pocket expenses incurred in connection with the Finder’s engagement under the agreement, provided that such expenses shall not exceed $150,000 without the Company’s prior written approval. On April 29, 2025, the Company entered into an amendment to the Finder’s Fee Agreement, pursuant to which the Retainer Fee was adjusted to $150,000. On July 18, 2025, the Company entered into the second amendment to the Finder’s Fee Agreement, pursuant to which the Success Fee was amended to consist of 1,560,000 ordinary shares (the “Finder Shares”) of the surviving publicly traded company (the “Surviving Company”). Sixty (60%) of the Finder Shares shall be subject to lock-up restriction for six months from the date of issuance, while Forty (40%) of Finder Shares shall be free from any lock-up restriction, subject to the applicable securities laws and regulations. As of August 31, 2026, the Retainer Fee had been paid in full, and there was no outstanding balance.

The Company acknowledges and agrees that the Finder\nis not a registered broker-dealer under U.S. securities laws, and is not acting as a broker-dealer in connection with the transaction.

Acknowledgement Agreement

On July 18, 2025, Quartzsea, the Finder, and Broadway Tech entered into an acknowledgement agreement (the “Acknowledgement Agreement”) pursuant to which Broadway Tech acknowledged and agreed to cause the Surviving Company to issue the Finder Shares to the Finder in accordance with the terms of the Acknowledgement Agreement at the closing of the Business Combination.

Pursuant to the New Merger Agreement, the parties acknowledged that\nHugh Grow Investment Ltd. claimed to be entitled to a finder’s fee in connection with the Business Combination. Upon the closing of the\nBusiness Combination, the Purchaser is obligated to pay the Finder a fee currently estimated at 3% of the total consideration payable\nin the Acquisition Merger.

Note 7 — Shareholders’ Deficit

Ordinary shares — The\nCompany is authorized to issue up to 500,000,000 ordinary\nshares, par value $0.0001 per\nshare. Holders of ordinary shares are entitled to one vote for each share held on all matters to be voted on by the shareholders,\nexcept as required by law. On November 5, 2024, the Company issued to the Sponsor 1,725,000 ordinary\nshares for $25,000.\nOn February 12, 2025, the Company and the Sponsor entered into the First Amendment to the Subscription Agreement, pursuant to\nwhich the purchased amount of shares was adjusted to 2,415,000 ordinary\nshares. On March 17, 2025, the Company and the Sponsor entered into the Second Amendment to the Subscription Agreement,\npursuant to which the purchased amount of Founder Shares was adjusted to 2,898,000.\nAt August 31, 2026 and November 30, 2025, there were 3,129,900\nshares outstanding.

Rights — Each holder of a right will receive one-fifth (1/5) of one ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon conversion of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per ordinary share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary shares basis and each holder of a right will be required to affirmatively covert its rights in order to receive one share underlying each right (without paying additional consideration). The shares issuable upon conversion of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

Note 8 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance. The Company has adopted the guidance in ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in the accompanying financial statements.

The Company’s chief operating decision maker has been identified as the Chief Executive Officer and Chairwoman (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating and reportable segment. The Company’s CODM does not review assets by segment in her evaluation and therefore assets by segment are not disclosed below.

When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule of Segment information
	For the \nThree Months Ended \nAugust 31,		For the \nNine Months Ended \nAugust 31,
	2026		2025			2026		2025
General and administrative expenses	$	244,041		$	564,800		$	671,490	$	1,326,051
Interest earned on investments held in Trust Account	$	702,896		$	879,546		$	2,233,041	$	1,572,491

The key measures of segment profit or loss reviewed by the CODM are general and administrative expenses and interest earned on investments held in Trust Account. General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews general and administrative expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Interest earned on investments held in Trust Account are reviewed to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

Note 9 — Due to target company (Eight\nDirections)

Pursuant to the Business Combination Agreement,\nEight Directions deposited three extension contributions of $175,000 each totaling $525,000 to Quartzsea’s Trust Account, following\nwhich Quartzsea causes the applicable payment to be made in accordance with the Trust Agreement. On August 21, 2026, Quartzsea issued\na $175,000 promissory note to Eight Directions to memorialize the first extension contribution funded by Eight Directions and deposited\ninto the Trust Account on June 25, 2026. The note is non-interest bearing, except upon an event of default, and may be repaid, at Quartzsea’s\nelection, in cash, PubCo Ordinary Shares or a combination thereof. The remaining $350,000 was recorded as Due to target company.

Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date when these unaudited condensed consolidated financial statements were issued. Based on this review, the Company identified the following subsequent events that would require adjustment or disclosure in the financial statements.

On September 17, 2026, the Company filed a preliminary\nproxy statement in connection with a special meeting of shareholders to be held on October 13, 2026. The Company is seeking shareholder\napproval to extend the date by which it must consummate an initial business combination from October 19, 2026 to October 19, 2027, through\nup to twelve one-month extensions. For each one-month extension, the Company will deposit into the Trust Account the lesser of $60,000\nor $0.033 per Public Share. The proposed amendments are subject to shareholder approval.

On September 19, 2026, Quartzsea\ncaused an aggregate of $175,000 to be deposited into the Company’s trust account for the benefit of its public shareholders in order\nto extend the date by which the Company must consummate its initial business combination from September 19, 2026 to October 19, 2026.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References to the “Company,” “Quartzsea,” “our,” “us” or “we” refer to Quartzsea Acquisition Corporation. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes related thereto. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the completion of the Proposed Business Combination (as defined below), the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including that the conditions of the Proposed Business Combination are not satisfied. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

We intend to effectuate our initial business combination using cash from the proceeds of the Initial Public Offering (“IPO” as defined below), and the private placement of the private placement units, the proceeds of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and debt. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete an initial business combination will be successful.

Recent Developments

Termination Agreement

On March 17, 2026, the Company entered into a Termination, Settlement and Mutual General Release Agreement with Broadway Tech, pursuant to which the Merger Agreement and the transactions contemplated thereby were terminated in their entirety, effective as of March 17, 2026. The termination agreement provides for mutual releases of claims relating to the Merger Agreement and the proposed transaction. The parties entered into the termination agreement due to the prolonged China Securities Regulatory Commission approval process and related PRC regulatory uncertainty. No termination fees were payable by either party in connection with the termination.

Merger Agreement

On May 13, 2026, Quartzsea entered into a Merger Agreement with Eight Directions Technology Limited and related parties to effect a business combination pursuant to which Eight Directions will become a wholly owned subsidiary of Eight Directions Global Limited (“PubCo”), the publicly traded successor entity. The transaction implies an equity value for Eight Directions of approximately $515.0 million, to be paid in PubCo ordinary shares valued at $10.00 per share. The business combination remains subject to customary closing conditions, including approval by Quartzsea shareholders, the effectiveness of the SEC registration statement, and Nasdaq listing approval.

Extraordinary General Meeting

On June 23, 2026, Quartzsea’s shareholders approved an extension of the deadline to consummate its initial business combination from June 19, 2026 to October 19, 2026, with the ability to extend the deadline for up to four additional one-month periods. Under the Business Combination Agreement, Eight Directions is responsible for funding the required monthly extension contributions to Quartzsea’s trust account. The first extension contribution of $175,000 was funded on June 25, 2026.

In connection with the extension meeting, holders of 1,275,382 Quartzsea ordinary shares elected to redeem their shares for an aggregate payment of approximately $13.4 million. Following the redemptions, 10,134,518 Quartzsea ordinary shares remained outstanding, and approximately $73.6 million remained in Quartzsea’s trust account.

Nasdaq Compliance

On August 19, 2026, Quartzsea received a letter from the staff of the Listing Qualifications Department of Nasdaq notifying Quartzsea that, as a result of its failure to pay certain fees required under Nasdaq Listing Rule 5250(f), Nasdaq had determined to delist Quartzsea’s securities. The letter stated that Quartzsea’s past-due fee balance was $75,000 and that, unless Quartzsea timely appealed Nasdaq’s determination, trading in Quartzsea’s Ordinary Shares would be suspended at the opening of business on August 28, 2026, after which Nasdaq would file a Form 25-NSE with the SEC to remove Quartzsea’s securities from listing and registration on Nasdaq. Quartzsea was provided until 4:00 p.m. Eastern Time on August 26, 2026 to request a hearing before a Nasdaq Hearings Panel.

On August 25, 2026, Quartzsea paid the $75,000 outstanding fee balance in full and provided evidence of such payment to Nasdaq. On August 26, 2026, Quartzea received written confirmation from Nasdaq confirm that the deficiency under Nasdaq Listing Rule 5250(f) has been cured and that the delisting determination has been withdrawn.

Preliminary Proxy Statement

On September 17, 2026, the Company filed a preliminary proxy statement in connection with a special meeting of shareholders to be held on October 13, 2026. The Company is seeking shareholder approval to extend the date by which it must consummate an initial business combination from October 19, 2026 to October 19, 2027, through up to twelve one-month extensions. For each one-month extension, the Company will deposit into the Trust Account the lesser of $60,000 or $0.033 per Public Share. The proposed amendments are subject to shareholder approval.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from November 5, 2024 (inception) through August 31, 2026, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination.

We expect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination.

For the three months ended August 31, 2026, we had net income of $458,897, which consisted of interest income of $702,938, offset by general and administrative expenses of $244,041.

For the nine months ended August 31, 2026, we had net income of $1,561,654, which consisted of interest income of $2,233,144, offset by general and administrative expenses of $671,490.

For the three months ended August 31, 2025, we had net income of $318,847, which consisted of interest income of $883,647, offset by general and administrative expenses of $564,800.

For the nine months ended August 31, 2025, we had net income of $260,445, which consisted of interest income of $1,586,496, offset by general and administrative expenses of $1,326,051.

Liquidity and Capital Resources

As of August 31, 2026, the Company had $848 of cash and a working capital deficit of $1,804,077. The Company has incurred and expects to continue to incur significant costs in pursuit of the consummation of an initial Business Combination.

On June 23, 2026, the Company’s shareholders approved amendments to the Company’s governing documents and Investment Management Trust Agreement to extend the deadline to consummate an initial business combination from June 19, 2026 to October 19, 2026, with the ability to extend such deadline on a month-to-month basis for up to four additional one-month periods. If the Company does not complete a business combination within the prescribed timeline, it will be required to cease operations and liquidate in accordance with its Amended and Restated Memorandum and Articles of Association.

In accordance with ASC 205-40, Presentation of Financial Statements—Going Concern, management evaluated whether conditions and events raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Management concluded that, due to the Company’s liquidity condition and requirement to complete a business combination within the prescribed period to avoid liquidation, substantial doubt exists about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of August 31, 2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

Promissory Note — Related Party

On November 5, 2024, the Sponsor agreed to loan the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred in connection with the Initial Public Offering (the “Promissory Note”). The Promissory Note is unsecured, interest-free and due on the date on which the Company closes the IPO. We repaid the outstanding balance of $500,000 to the Sponsor on March 19, 2025 upon the closing of the IPO.

On July 13, 2026, the Company issued to the Sponsor a promissory note in an aggregate amount of up to $250,000, to be used, in part, for working capital and transaction expenses related to the business combination (the “July 2026 Promissory Note”). The July 2026 Promissory Notes is unsecured, interest-free and due on the date on which the Company closes its initial business combination. As of August 31, 2026 and November 30, 2025, the Company had $250,000 and $0 outstanding loan balance under the promissory note.

Promissory Note — Eight Directions

On August 21, 2026, Quartzsea issued a $175,000 promissory note to\nEight Directions to memorialize the first extension contribution funded by Eight Directions and deposited into the Trust Account on June\n25, 2026. The note is non-interest bearing, except upon an event of default, and may be repaid, at Quartzsea’s election, in cash,\nPubCo Ordinary Shares or a combination thereof. As of August 31, 2026 and November 30, 2025, the Company had $175,000 and $0 outstanding\nloan balance under the promissory note to Eight Directions.

Administrative Services Agreement

The Company entered into an Administrative Services Agreement with the Sponsor on November 5, 2024, commencing on the effective date of the registration statement of the initial public offering through the earlier of the consummation of a business combination or the Company’s liquidation, to pay the Sponsor a total of $20,000 per month for office space and administrative and support services. On February 12, 2025, the Company and the Sponsor entered into the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $15,000. On March 7, 2025, the Company and the Sponsor entered into the Second Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was amended to $20,000.

The Company incurred $60,000 and $180,000 for\nthe three and nine months ended August 31, 2026, respectively. The Company incurred and paid the Sponsor $60,000 and $111,400 for\nthe three and nine months ended August 31, 2025, respectively. As of August 31, 2026 and November 30, 2025, the Company accrued\n$240,000 and $60,000 on the accompanying balance sheets, respectively.

Underwriting Agreement

We granted SPAC Advisory Partners (“SAP”), the representative of the underwriters, a 45-day option from the date of IPO, to purchase up to 1,080,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully excised its over-allotment option on March 19, 2025.

The underwriter is entitled to a cash underwriting\ndiscount of 0.75% on the first $69,000,000 of the gross proceeds from the IPO, plus 0.50% on the remaining $13,800,000, totaling $586,500\nincluding the full exercise of the over-allotment option by the underwriter. In addition, the underwriter is entitled to a deferred underwriting\ncommission of 4.0% of the gross proceeds of the IPO, or $3,312,000, which was recorded as a non-current liability as of November 30, 2025.\nOn March 3, 2026, the Company entered into Amendment No. 1 to the Underwriting Agreement, which revised the calculation and payment\nterms of the deferred underwriting commission. Pursuant to the amendment, the deferred underwriting commission will be payable from the\ntrust account upon consummation of the Company’s initial business combination and equals 4.00% of the gross proceeds from the sale\nof the firm units and option units, subject to a cap equal to 4.00% of the funds remaining in the trust account after giving effect to\nall properly submitted redemptions in connection with the initial business combination. As a result, the deferred underwriting fees payable\nwas reduced by $329,247 to $2,982,753 as of August 31, 2026. The amendment also clarifies that the underwriters may waive the deferred\nunderwriting commission prior to the consummation of the Company’s initial business combination.

Right of First Refusal

We granted SAP a right of first refusal for a period commencing from the consummation of the IPO until the earlier of (i) 10 months after the consummation of the initial business combination (or the liquidation of the Trust Account in the event that the Company fails to consummate its initial business combination within the prescribed time period) or (ii) 36 months after the consummation of the IPO in accordance with FINRA Rule 5110(g)(6)(A) to act as lead financial advisor, capital markets advisor, underwriter and/or private placement agent in connection with any initial business combination or in connection with any financing that occurs between the closing of the IPO and the date that is the earlier of (i) 10 months after the closing of the initial business combination or (ii) 36 months after the consummation of the IPO.

Finder’s Fee Agreement

On April 22, 2025, the Company entered into a Finder’s Fee Agreement with Hugh Grow Investment Ltd. (the “Finder”). Pursuant to the Finder’s Fee Agreement, the Company agreed to pay the Finder a one-time, non-refundable retainer fee in the amount of $350,000, payable upon the execution of Finder’s Fee Agreement (the “Retainer Fee”). The Company also agreed to pay the Finder a success fee in the amount of $3,500,000, payable upon the closing (or closings) of a transaction (as defined in the Finder’s Fee Agreement). In addition, the Company agreed to reimburse the Finder on a monthly basis for all reasonable, actual, and verifiable out-of-pocket expenses incurred in connection with the Finder’s engagement under the agreement, provided that such expenses shall not exceed $150,000 without the Company’s prior written approval. On April 29, 2025, the Company entered into an amendment to the Finder’s Fee Agreement, pursuant to which the Retainer Fee was adjusted to $150,000. On July 18, 2025, the Company entered into the second amendment to the Finder’s Fee Agreement, pursuant to which the Success Fee was amended to consist of 1,560,000 ordinary shares (the “Finder Shares”) of the surviving publicly traded company (the “Surviving Company”). Sixty (60%) of the Finder Shares shall be subject to lock-up restriction for six months from the date of issuance, while Forty (40%) of Finder Shares shall be free from any lock-up restriction, subject to the applicable securities laws and regulations. As of August 31, 2026, the Retainer Fee had been paid in full, and there was no outstanding balance.

The Company acknowledges and agrees that the Finder is not a registered broker-dealer under U.S. securities laws, and is not acting as a broker-dealer in connection with the transaction.

New Merger Agreement with Eight Directions Technology Limited

On May 13, 2026, Quartzsea, the Purchaser and Merger Sub entered into the Merger Agreement with Eight Directions. Pursuant to the Merger Agreement, Quartzsea will merge with and into the Purchaser, with the Purchaser surviving as the publicly traded holding company, and Merger Sub will merge with and into Eight Directions, with Eight Directions surviving as a wholly owned subsidiary of the Purchaser. Upon consummation of the Proposed Business Combination, each outstanding ordinary share of Quartzsea will be converted into the right to receive one Class A ordinary share of the Purchaser, and each outstanding right of Quartzsea will be converted into the right to receive one-fifth of one Class A ordinary share of the Purchaser.

The Proposed Business Combination values Eight Directions at an agreed pre-money equity value of approximately $515.0 million. Consummation of the Proposed Business Combination is subject to customary closing conditions, including approval by Quartzsea’s shareholders, effectiveness of the applicable registration statement filed with the SEC and approval of the Purchaser’s securities for listing on Nasdaq. There can be no assurance that the Proposed Business Combination will be completed.

Critical Accounting Policies and Estimates

The preparation of unaudited condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting policies and estimates.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Off-Balance Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results

As of August 31, 2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or contractual obligations.

JOBS Act

On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions, we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,” whichever is earlier.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not required for smaller reporting companies.

Item 4. Controls and Procedures.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management including our Chief Executive Officer, Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation with the participation of management of the effectiveness of our disclosure controls and procedures as of the end of the quarter ended August 31, 2026, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that that during the period covered by this report, our disclosure controls and procedures were ineffective.

Management has identified the following material weaknesses which are not yet remediated. Management continues to devote significant planning and execution efforts toward remediation these material weaknesses:

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Our controls over the preparation and review of expenses, including expense accruals, and detecting errors in expense accruals and duplicate reimbursement of travel expenses, through our financial close process are ineffective, and

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Our controls over the accounting of short-term investments and detecting errors in asset classification through our financial close process are ineffective.

Management plans to remediate the material weakness by enhancing our processes to identify and appropriately apply applicable accounting requirements and increased communication among our personnel and third-party professionals with whom we consult regarding accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended August 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Internal Controls

A control system, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. In addition, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

Item 1A. Risk Factors.

As a smaller reporting company, we are not required to make disclosures under this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On November 5, 2024, the Sponsor acquired an aggregate of 1,725,000 Founder Shares for an aggregate purchase price of $25,000. On February 12, 2025, the Company and the Sponsor entered into the First Amendment to the Subscription Agreement, pursuant to which the purchased amount of shares was adjusted to 2,415,000 ordinary shares, $0.0104 per ordinary share. On March 17, 2025, the Company and the Sponsor entered into the Second Amendment to the Subscription Agreement, pursuant to which the purchased amount of Founder Shares was adjusted to 2,898,000, of which 378,000 are subject to forfeiture assuming that the underwriter’s overallotment option is not exercised.

On March 19, 2025, the Company consummated its initial public offering (the “IPO”) of 7,200,000 units (the “Units”). Each Unit consists of one ordinary share, par value $0.0001 per share, of the Company (the “Ordinary Shares”) and one right to receive one-fifth (1/5) of one Ordinary Share upon the consummation of the Company’s initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating total gross proceeds of $72,000,000. In connection with the closing of the IPO, the underwriter fully exercised its over-allotment option to purchase 1,080,000 additional Units for an aggregate of 8,280,000 Units sold.

Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (the “Private Placement”) of 231,900 Units (the “Private Placement Units”), each Private Placement Unit consisting of one Ordinary Share and one right, to the Sponsor at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,319,000.

Following the closing of our IPO, an aggregate of $82,800,000 from the net proceeds of the IPO and the sale of the Private Placement Units was held in the Trust Account.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

On May 14, 2026, the Company filed a Current Report on Form 8-K reporting the execution of the Agreement and Plan of Merger with Eight Directions Technology Limited, dated May 13, 2026, and the issuance of a press release announcing the same.

Item 6. Exhibits

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Exhibit No.		Description
31.1		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 9, 2026

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	Quartzsea Acquisition Corporation

	By:	/s/ Qi Gong
	Name:	Qi Gong
	Title:	Chief Executive Officer and Chairwoman
		(Principal Executive Officer, Principal Financial and Accounting Officer)

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