Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 23

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 23
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 which were issued in a private placement simultaneously with the closing of the Initial Public Offering and (iii)
Private Placement Units (and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private
Placement Warrants) that may be issued upon conversion of Working Capital Loans will have registration rights to require the Company
to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior
to the consummation of an initial Business Combination pursuant to a registration rights agreement signed on the effective date of the
Initial Public Offering.

The
holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements
filed subsequent to the completion of an initial Business Combination. Notwithstanding anything to the contrary, BTIG, LLC may only make
a demand on one occasion and only during the five-year period beginning the commencement of sales of the Initial Public Offering. In
addition, BTIG, LLC may participate in a “piggy-back” registration only during the seven-year period beginning the commencement
of sales of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.

Underwriting
Agreement

The
Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to an additional 3,300,000
units to cover over-allotments, if any. On June 11, 2025, the underwriters fully exercised their over-allotment option.

    14

The
underwriters were paid a cash underwriting discount of 2.00% of the gross proceeds of the Units offered in the Initial Public Offering,
or $5,060,000 in the aggregate. Additionally, 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