Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 31

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 31
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 unit to contain one-half of one warrant, with each whole warrant exercisable for one Class A ordinary share, 
     as compared to units issued by some other similar special purpose acquisition companies which contain whole warrants exercisable 
 for one share, in order to reduce the dilutive effect of the warrants upon completion of a business combination as compared to units 
  that each contain a whole warrant to purchase one share, thus making us, we believe, a more attractive business combination partner 
                                                                                                               for target businesses. |

| (1) | Assumes                                                                               
 no exercise of the underwriters’ over-allotment option and 750,000 founder shares are 
 surrendered to us for no consideration.                                               |

| (2) | Includes                                                                                   
 up to 750,000 founder shares that will be surrendered to us for no consideration depending 
 on the extent to which the underwriters’ over-allotment option is exercised.               |

| (3) | Comprises                                                                                           
 of 20,000,000 Class A ordinary shares included in the units to be sold in this offering,            
 600,000 private placement shares and 5,000,000 Class B ordinary shares (or founder shares).         
 Founder shares are currently classified as Class B ordinary shares, which shares will automatically 
 convert into Class A ordinary shares concurrently with or immediately following the consummation    
 of our initial business combination or earlier at the option of the holder on a one-for-one         
 basis, subject to adjustment as described below adjacent to the caption “Founder                    
 shares conversion and anti-dilution rights.”                                                        |

| (4) | Comprises                                                                                    
 of 10,000,000 public warrants included in the units to be sold in this offering and 300,000  
 private placement warrants included in the private placement units to be sold in the private 
 placement.                                                                                   |

| 15 |

| Exercise 
 price:   |     | $11.50                                                                                                                                    
 per share, subject to adjustments as described herein. In addition, if (x) we issue additional Class A ordinary shares or equity-linked   
 securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective 
 issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good        
 faith by our board of directors and, in the case of any such issuance to our initial shareholders or their affiliates, without taking     
 into account any founder shares held by our initial shareholders or such affiliates