Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 35

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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 seek loans from parties other than our sponsor or an affiliate
of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights
to seek access to funds in our trust account.

19

Off-Balance
Sheet Arrangements

As
of September 30, 2025, 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. No unaudited quarterly operating data is included in this report as we have not
conducted any operations to date.

Contractual
Obligations

We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities as of September 30, 2025
or December 31, 2024.

Pursuant
to the underwriting agreement for our initial public offering, the underwriters are entitled to a deferred underwriting discount of 3.50%
of the gross proceeds of the initial public offering held in the trust account, or $8,855,000 in the aggregate, payable to BTIG, LLC
to be deposited in the trust account and released to BTIG, LLC only upon the completion of an initial business combination. The deferred
underwriting commissions will be payable as follows: (i) $0.30 per Unit sold in the initial public offering will be paid to BTIG, LLC
in cash upon the closing of the initial business combination and (ii) $0.05 per Unit sold in the initial public offering will be payable
to BTIG, LLC in cash, provided that the Company and the Sponsor have the right, in the Company and the Sponsor’s discretion, to
reallocate any portion of the Allocable Amount to third parties not participating in the initial public offering (but who are members
of FINRA) that assist the Company in consummating the initial business combination.

We
have entered into an administrative services agreement with an affiliate of the Sponsor pursuant to which we are required to pay $10,000
per month for office space, utilities, and secretarial and administrative services, commencing on effective date of the initial public
offering, through the earlier of our initial business combination and our liquidation.

Commitments
and Contingencies

Registration
rights

The
holders of the (i) founder shares, which were issued in a private placement prior to the closing of the