Company: BACC
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001185185-25-000892
Chunk: 131

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 4
Chunk 131
---
000 Option Units issued pursuant to the full
exercise of the Over-Allotment Option. Each Public Unit consists of one Public Share and one Right. The Public Units were sold at a price
of $10.00 per Public Unit, generating gross proceeds to us of $201,250,000.

22

Table of Contents

BTIG and Roberts & Ryan acted as book runners and representatives
of the underwriters. On June 16, 2025, simultaneously with the consummation of our Initial Public Offering, and pursuant to the Private
Placement Units Purchase Agreements, we completed the private sale of an aggregate of 592,250 Private Placement Units at a purchase price
of $10.00 per Private Placement Unit, to our Sponsor, BTIG and Roberts & Ryan generating gross proceeds of $5,922,500.

Following the closing of our Initial Public Offering,
a total of $201,250,000 comprised of proceeds from the Initial Public Offering (which amount includes up to $7,043,750 of the Deferred
Fee) and the Private Placement, was placed in a U.S.-based trust account maintained by Continental, acting as trustee. The proceeds held
in the Trust Account may be invested by the trustee only in U.S. government securities with a maturity of 185 days or less or in
money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under
the Investment Company Act. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company
Act, which risk increases the longer that we hold investments in the Trust Account, we may, at any time (based on the Management Team’s
ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee to liquidate
the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest-bearing demand
deposit account at a bank.

The remaining proceeds from the Initial Public
Offering and the Private Placement are held outside the Trust Account. Such funds are being used primarily to enable us to identify a
target and to negotiate and consummate our initial Business Combination.

There has been no material change in the planned
use of the proceeds from our Initial Public Offering and the Private Placement as described in the IPO Registration Statement. The specific
investments in our Trust Account may change from time to time.

Purchases of Equity Securities by the Issuer