Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 27

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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069,913 Class B ordinary shares issued and outstanding.

14

BLUE
ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

The
founder shares will automatically convert into Class A ordinary shares in connection with the consummation of the initial Business
Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations,
reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or any other equity-linked
securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection
with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary
shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment
with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of
all Class B ordinary shares will equal, in the aggregate, 26% of the sum of (i) the total number of all ordinary shares outstanding
upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant to the underwriters’
over-allotment option and excluding the securities underlying the Private Placement Units and the Class A ordinary shares
underlying the Private Placement Rights issued to the Sponsor), plus (ii) all Class A ordinary shares and equity-linked securities
issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities
issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent rights issued to our
sponsor, BHM, certain of the Company’s officers or directors, or any of their respective affiliates upon conversion of working
capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial
Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

Holders
of record of the Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share
held on all matters to be voted on by shareholders. Unless specified in the amended and rest