Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 52

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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BLUE
ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

Note 1 — Organization
and Business Operations

Blue Acquisition Corp. (the “Company”)
is a special purpose acquisition company incorporated as a Cayman Islands exempted company on February 10, 2025. The Company was incorporated
for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business
Combination with one or more businesses (the “Business Combination”).

As of September 30, 2025, the Company had not commenced
any operations. All activity for the period from February 10, 2025 (inception) through September 30, 2025 relates to the Company’s
formation, the Initial Public Offering (as defined below), and the search for a suitable target to effect the Business Combination. The
Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The
Company may generate non-operating income in the form of interest and dividend income on investments from the proceeds derived from the
Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.

On
June 16, 2025, the Company consummated the Initial Public Offering of 20,125,000 units (the “Units” and, with respect to
the Class A ordinary shares included in the Units being offered, the “Public Shares”), which includes the full exercise by
the underwriters of their over-allotment option in the amount of 2,625,000 Units, at $10.00 per Unit, generating gross proceeds of $201,250,000.
Each Unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of one Class A ordinary share upon the consummation
of the Company’s initial Business Combination (each, a “Public Right”).

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 592,250 units (the “Private Placement Units”
and, with respect to the Class A ordinary shares included in the Private Placement Units being offered, the “Private Placement
Shares”) at a price of $10.00 per Private Placement Unit, in a private placement to the Company’s sponsor, Blue Holdings
Sponsor LLC