Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 117

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 terms of the warrant agreement, the Company will agree that, as soon as practicable, but in no event later than 20 business days
after the closing of its Business Combination, it will use commercially reasonable efforts to file with the SEC a post-effective amendment
to the registration statement for the Initial Public Offering or a new registration statement covering the registration under the Securities
Act of the Class A ordinary shares issuable upon exercise of the Warrants and thereafter will use its commercially reasonable efforts
to cause the same to become effective within 60 business days following the Company’s initial Business Combination and to maintain
a current prospectus relating to the Class A ordinary shares issuable upon exercise of the Warrants until the expiration of the Warrants
in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable
upon exercise of the Warrants is not effective by the sixtieth (60th) business day after the closing of the initial Business
Combination, Warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise Warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time
of any exercise of a Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security”
under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so
elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not
so elect, the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to
the extent an exemption is not available.

If
the holders exercise their Public Warrants on a cashless basis, they would pay the warrant exercise price by surrendering the warrants
for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary
shares underlying the warrants, multiplied by the excess of the “fair market value” of the Class A ordinary shares over the