Quartzsea Acquisition, a blank check company targeting businesses in large underpenetrated markets, raised $72 million by offering 7.2 million units at $10. The company offered 1.2 million more units than anticipated. Each unit consists of one share of common stock and one right to receive one-fifth of a share upon the completion of an initial business combination.
Quartzsea Acquisition is led by CEO, CFO, and Chairwoman Qi Gong, who has founded several consulting firms where she currently serves as CEO. While it has not selected a target industry or geography, the SPAC plans to focus on businesses in large underpenetrated markets with favorable industry dynamics, among other characteristics.
Quartzsea Acquisition plans to list on the Nasdaq under the symbol QSEAU. SPAC Advisory Partners acted as sole bookrunner on the deal.
