Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 218

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 218
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 rights agreement to be signed prior to or on the effective
date of this offering. Pursuant to the registration rights agreement and assuming the underwriters exercise their over-allotment option
in full and $1,500,000 of working capital loans are converted into private placement units, we will be obligated to register up to 6,965,000
Class A ordinary shares and 405,000 warrants. The number of Class A ordinary shares includes (i) 5,750,000 Class A ordinary shares
to be issued upon conversion of the founder shares, (ii) 660,000 Class A ordinary shares comprising part of the private placement
units and 330,000 Class A ordinary shares underlying the private placement warrants comprising part of such private placement
units and (iii) 150,000 Class A ordinary shares comprising part of the private placement units issued upon conversion of working
capital loans and 75,000 Class A ordinary shares underlying the private placement warrants included in such private placement
units. The number of warrants includes up to 330,000 private placement warrants included in the private placement units and 75,000 private
placement warrants comprising part of the private placement units issued upon the conversion of working capital loans. The holders
of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our
completion of our initial business combination. Notwithstanding anything to the contrary, BTIG may only make a demand on one occasion
and only during the five-year period beginning on the effective date of the registration statement of which this prospectus forms a part.
In addition, BTIG may participate in a “piggy-back” registration only during the seven-year period beginning on the effective
date of the registration statement of which this prospectus forms a part. We will bear the expenses incurred in connection with the filing
of any such registration statements.

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<div align='center'>Certain relationships and related party transactions</div>

On December 3, 2024, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 5,750,000 founder shares.

The number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriters’ over-allotment option