Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 43

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 4
Chunk 43
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 benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.

Changes
in Internal Control over Financial Reporting

Not
applicable.

21

PART
II – OTHER INFORMATION

Item
1. Legal Proceedings.

To
the knowledge of our management, there is no material litigation, arbitration or governmental proceeding currently pending against us,
any of our officers or directors in their capacity as such or against any of our property.

Item
1A. Risk Factors.

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

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

Recent
Sales of Unregistered Securities

On
December 3, 2024, the Sponsor made capital contributions of $25,000 to cover certain of the Company’s expenses, for which the Company
issued 5,750,000 founder shares, or approximately $0.004 per share, to the Sponsor. On June 9, 2025, the Company, through a share capitalization,
issued the Sponsor an additional 575,000 founder shares, resulting in the Sponsor holding 6,325,000 founder shares in the aggregate.

Simultaneously
with the closing of the Company’s initial public offering, the Company consummated a private placement of an aggregate of 683,000
private placement units to the Sponsor and BTIG, LLC, at a price of $10.00 per private placement unit, generating total proceeds of $6,830,000.
Each private placement consists of one Class A Ordinary Share and one-half of one redeemable warrant, with each whole warrant entitling
the holder thereof to purchase one Class A Ordinary Share for $11.50 per share (subject to adjustment). Of those 683,000 private placement
units, the Sponsor purchased 430,000 private placement units and BTIG purchased 253,000 private placement units.

The
private placement units are identical to the Units sold in the initial public offering except with respect to certain registration rights
and transfer restrictions, as described in the registration statement relating to the Company’s initial