Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 0

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
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NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

Note
1 — Organization and Business Operations

Blue
Water Acquisition Corp. III (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on
November 1, 2024. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).
The Company has not selected any specific Business Combination target, and the Company has not, nor has anyone on its behalf, engaged
in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination
with the Company.

As
of September 30, 2025, the Company has not commenced any operations. All activity for the period from November 1, 2024 (inception) through
September 30, 2025 relates to the Company’s formation and its initial public offering (the “Initial Public Offering”),
as discussed in Note 3, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
may generate non-operating income in the form of interest income on cash and cash equivalents and dividend income from marketable securities
purchased from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

On
June 11, 2025, the Company consummated the Initial Public Offering of 25,300,000 units (the “Units” and, with respect to
the Class A ordinary shares included in the Units, the “Public Shares”), which includes the full exercise by the underwriters
of their over-allotment option in the amount of 3,300,000 Units, at $10.00 per Unit, generating gross proceeds of $253,000,000. Each
Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”).

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 683,000 units (the “Private Placement Units”
and, with respect to the Class A ordinary shares included in the Private Placement Units, the “