Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 11

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 11
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 of our founder shares that may result in an issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion. See the section titled “Risk Factors — Risks Relating to our Management Team — The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination, and our sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to materially decline.”In addition, the cashless exercise of the private placement warrants comprising part
of the private placement units purchased by our sponsor and BTIG, LLC at the closing of this offering would increase the dilution to
our public shareholders. Further, the conversion of any working capital loans into placement units, as well as the cashless exercise
of the private placement warrants that are issued as part of such units, would further increase the dilution to our public shareholders.

The following table illustrates the difference between the public offering price per unit and our net tangible book value per share (NTBV), as adjusted to give effect to this offering and assuming the redemption of our public shares at varying levels and the exercise in full and no exercise of the over-allotment option. See section entitled “Dilution” for more information.

| As of December 31, 2024                         |                                               |     |                |      |     |            |      |     |                |      |     |            |      |     |                |      |     |            |      |     |            |       |   |     |            |       |
|:------------------------------------------------|----------------------------------------------:|:----|:---------------|-----:|:----|:-----------|-----:|:----|:---------------|-----:|:----|:-----------|-----:|:----|:---------------|-----:|:----|:-----------|-----:|:----|:-----------|:------|:--|:----|:-----------|------:|
| Offering Price of                               
 $10.00 per Unit                                 |                                               |     | 25% of Maximum 
 Redemption     |      |     |            |      |     | 50% of Maximum 
 Redemption     |      |     |            |      |     | 75% of Maximum 
 Redemption     |      |     |            |      |     | Maximum    
 Redemption |