Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 95

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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 the trust account and released to BTIG, LLC only upon the completion of an initial business combination. The deferred underwriting
commissions will be payable as follows: (i) $0.30 per Unit sold in the initial public offering will be paid to BTIG, LLC in cash upon
the closing of the initial business combination and (ii) $0.05 per Unit sold in the initial public offering will be payable to BTIG, LLC
in cash, provided that the Company and the Sponsor have the right, in the Company and the Sponsor’s discretion, to reallocate any
portion of the Allocable Amount to third parties not participating in the initial public offering (but who are members of FINRA) that
assist the Company in consummating the initial business combination.

20 

Critical
Accounting Estimates

The
preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual
results could materially differ from those estimates. We have not identified any critical accounting estimates as of June 30, 2025.

Recent
Accounting Pronouncements

Refer
to Note 2. Summary of Significant Accounting Policies of the Notes to the Financial Statements.

Item
3. Quantitative and Qualitative Disclosures About Market Risk

As smaller reporting company, we are not required to make disclosures under
this Item.

Item
4. Controls and Procedures

Disclosure controls are procedures that are designed
with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this report,
is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls
and procedures are also designed with the objective of ensuring that such information is accumulated and communicated to our management,
including our Certifying Officers, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and
with the participation of our management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the
design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based
on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of June 30,