Company: BACC
Filing Date: 2025-05-14
Form Type: S-1
Source: 0001185185-25-000465
Chunk: 332

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-05-14
Form: S-1
Chunk 332
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 promissory note – related party |     | $ |   1,089 |   |
| Deferred offering costs paid by Sponsor under promissory note – related party                        |     | $ |  25,000 |   |
| Deferred offering costs included in accrued offering costs                                           |     | $ |   7,000 |   |

<div align='center'>The accompanying notes are an integral part of the financial statements.

F-6

BLUE ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS</div>

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”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.

As of February 28, 2025, the Company had not commenced any operations. All activity for the period from February 10, 2025 (inception) through February 28, 2025 relates to the Company’s formation and the Proposed Public Offering (as defined below). 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 income on investments from the proceeds derived from the Proposed Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.

The Company’s Sponsor is Blue Holdings Sponsor
LLC (the “Sponsor”). The Company’s ability to commence operations is contingent upon obtaining adequate financial resources
through a Proposed Public Offering of 15,000,000 units at $10.00 per unit (the “Units”) (or 17,250,000 Units if
the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3 (the “Proposed Public Offering”),
and the sale of 490,000 units (or 535,000 units if the underwriters’ over-allotment option is exercised in full) (the
“Private Placement Units”) at a price of $10