Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 65

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently
verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s
only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.

    6 

Liquidity,
Capital Resources and Going Concern

As
of June 30, 2025, the Company had $1,039,666 of cash and working capital of $1,053,059.

The
Company’s liquidity needs through June 30, 2025 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary
shares, par value $0.0001 per share (“founder shares”) (see Note 6), the Initial Public Offering and the sale of the
Private Placement Units. Additionally, the Company drew on an unsecured promissory note to pay certain offering costs, which was paid in full in connection with the consummation of the Initial Public Offering.

The
Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The
Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one
year from the issuance date of the financial statement. Although no formal agreement exists, the Sponsor is committed to extend
Working Capital Loans (defined in Note 6) as needed. The Company cannot assure that its plans to consummate an
initial Business Combination will be successful.

These
factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date
this financial statement is issued. This financial statement does not include any adjustments that might result from the outcome of this
uncertainty.

Note
2 — Significant Accounting Policies

Basis
of Presentation

The
accompanying financial statement is presented in conformity with accounting principles generally accepted in the United States of America
(“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”).

Emerging
Growth Company Status

The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by