On March 17, 2026, Quartzsea Acquisition Corporation, a Cayman Islands exempted company, announced the termination of its merger agreement with Broadway Technology Inc. This decision comes after prolonged delays in obtaining necessary approvals from the China Securities Regulatory Commission (CSRC) and related regulatory uncertainties in the People's Republic of China (PRC). The termination was formalized through a Termination, Settlement and Mutual General Release Agreement, which effectively nullifies the previous Agreement and Plan of Merger dated June 6, 2025. Both parties have agreed to release each other from any claims related to the merger agreement and the proposed transaction. The termination is expected to have a small negative impact on Quartzsea's stock price as it reflects challenges in executing the merger, which was anticipated to enhance the company's operational capabilities and market position. The company will now need to reassess its strategic options moving forward, potentially seeking new acquisition targets or alternative business strategies to enhance shareholder value. The filing indicates that no termination fees were payable by either party, which may mitigate some immediate financial impacts. However, the inability to complete the merger could raise concerns among investors regarding Quartzsea's future growth prospects and operational execution.

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