Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 39

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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 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 public offering. Additionally,
such holders agreed not to transfer, assign or sell any of the private placement units or underlying securities (except in limited circumstances,
as described in the Registration Statement) until 30 days after the completion of the Company’s initial business combination. The
holders were granted certain demand and piggyback registration rights in connection with the purchase of the private placement units
and the underlying securities.

The
private placement units were issued pursuant to Section 4(a)(2) of the Securities Act, as the transaction did not involve a public offering.

Use
of Proceeds from our Initial Public Offering

On
June 11, 2025, we consummated our initial public offering of 25,300,000 units, which included 3,300,000 units issued pursuant to the
exercise in full by the underwriters of its over-allotment option, which option was granted to the underwriters under the underwriting
agreement for our initial public offering. The units were