Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 63

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 of then outstanding Public Shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be
$10.00 per Public Share. The ordinary shares subject to redemption will be recorded at redemption value and classified as temporary equity
upon the completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

The
Company will have only the duration of the Completion Window to complete the initial Business Combination. However, if the Company is
unable to complete its initial Business Combination within the Completion Window, the Company will as promptly as reasonably possible
but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of amounts withdrawn
to pay the Company’s taxes (but without deduction for any excise or similar tax that may be due or payable) and up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will constitute full
and complete payment for the Public Shares and completely extinguish public shareholders’ rights as shareholders (including the
right to receive further liquidation or other distributions, if any), subject to the Company’s obligations under Cayman Islands
law to provide for claims of creditors and subject to the other requirements of applicable law.

The
Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they agreed to waive their redemption
rights with respect to any shares held by them in connection with the completion of the initial Business Combination. Additionally, the
Sponsor, officers and directors agreed to waive their rights to liquidating distributions from the Trust Account with respect to their
founder shares and Private Placement Shares if the Company fails to complete the initial Business Combination within the prescribed time
frame, although they will be entitled to liquidating distributions from assets outside the Trust Account. If the Company does not complete
the initial Business Combination within the prescribed time frame, the Private Placement Units (and the securities comprising such units)
will be worthless. Furthermore, the Sponsor, officers and directors agreed not to transfer, assign or sell any of their founder shares
and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of
the initial