Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 34

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 34
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 ordinary shares or public warrants they may purchase in this offering     
 or thereafter for any amount of time, (ii) vote any Class A ordinary shares they may own at the applicable time in favor of our initial     
 business combination or (iii) refrain from exercising their right to redeem their public shares at the time of our initial business         
 combination. The non-managing sponsor investors will have the same rights to the funds held in the trust account with respect to            
 the Class A ordinary shares comprising part of the units they may purchase in this offering as the rights afforded to our other public      
 shareholders. However, if the non-managing sponsor investors purchase all of the units for which they have expressed to us an interest      
 in purchasing or otherwise hold a substantial number of our units, then the non-managing sponsor investors will potentially have            
 different interests than our other public shareholders in approving our initial business combination and otherwise exercising their         
 rights as public shareholders because of their indirect ownership of founder shares as further discussed in this prospectus.                |

| 19 |

|                                 |     | The                                                                                                                                        
 interests of the members of the sponsor are denominated in two classes of membership interest units: (i) class A membership units          
 representing interests in the founder shares and (ii) class B membership units that will represent an interest in the private placement    
 units. All members of the sponsor, including the managing member of our sponsor, and any non-managing sponsor investor that may join       
 the sponsor concurrently with this offering, will hold both classes of membership units representing their proportional interest           
 in the founder shares and private placement units, respectively. Pursuant to an agreement of all members of the sponsor, the management    
 and control of the sponsor is vested exclusively with the managing member, without any voting, veto, consent or other participation        
 rights by any non-managing members regardless of their unit ownership. All matters submitted to a vote by the managing member will         
 require the affirmative vote of the class A membership units held only by the managing member, without regard to any membership interests  
 held by any non-managing members. As a result, non-managing sponsor investors will have no right to control the sponsor, or participate    
 in any decision regarding the disposal of any security held by the sponsor, or otherwise.                                                  |
| Transfer                        
 restrictions on founder shares: |     | Our                                                                                                                                        
 initial shareholders have 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)