SPAC Quartzsea Swings to $573.7K Profit in Q3, Trust Holds $73.6M
QSEA is trading near its 52-week low of $9.96 (5.9% above the low).
Summary
Quartzsea reported net income of $573.7K ($0.05 per share) for the quarter ended May 31, 2026, a sharp reversal from a $27.1K loss a year ago. The SPAC still has no operating revenue, but the profit reflects interest income on its trust, which held about $73.6M after redemptions. This follows the 10-Q filed yesterday that flagged material weaknesses and going concern risk with only $5,156 in cash. The merger with Eight Directions remains on track after shareholders extended the deadline to October 2026, with the partner funding monthly extensions. The trust balance provides a floor, but the cash position outside the trust is razor-thin, keeping pressure on the deal closing.
At the time of this announcement, QSEA was trading at $10.55 on NASDAQ in the Finance sector, with a market capitalization of approximately $120.3M. The 52-week trading range was $9.96 to $10.86. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.