Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 105

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 105
---
, at any time (based on Management’s ongoing assessment of all factors related to the potential status under the Investment
Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust
Account in cash or in an interest-bearing demand deposit account at a bank. Except with respect to interest earned on the funds held
in the Trust Account that may be released to us to pay our taxes, if any, the proceeds from the Initial Public Offering and the Private
Placement will not be released from the Trust Account until the earliest of (i) the completion of our initial Business Combination, (ii)
the redemption of the Public Shares if we are unable to complete the initial Business Combination within the Combination Period, subject
to applicable law, or (iii) the redemption of the Public Shares properly submitted in connection with a shareholder vote to amend the
Amended and Restated Articles to modify (1) the substance or timing of our obligation to allow redemption in connection with the initial
Business Combination or to redeem 100% of the Public Shares if we have not consummated an initial Business Combination within the Combination
Period or (2) any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. The
proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the
claims of our Public Shareholders.

We
intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust
Account (excluding deferred underwriting commissions). We may withdraw interest to pay our income taxes, if any. Our annual income tax
obligations will depend on the amount of interest and other income earned on the amounts held in the Trust Account. We expect the interest
earned on the amount in the Trust Account will be sufficient to pay our income taxes. To the extent that our equity or debt is used,
in whole or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account
will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our
growth strategies.

As
of September 30, 2025, we had $1,045,403 of cash held outside the Trust Account (assuming our offering expenses are as expected). We
will use these funds to primarily identify and evaluate target businesses, perform business due diligence on prospective target businesses,
travel to