Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 308

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 308
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| Cash, beginning of the period                                                                                   |     |                   |       — |   |
| Cash, end of the period                                                                                         |     | $                 |       — |   |
| Supplemental disclosure of non-cash financing activities:                                                       |     |                   |         |   |
| Deferred offering costs included in accrued offering costs                                                      |     | $                 |  25,000 |   |
| Formation, general and administrative costs paid by Sponsor in exchange for                                     
 issuance of Class B ordinary shares                                                                             |     | $                 |  25,000 |   |
| Formation, general and administrative costs paid by Sponsor under promissory                                    
 note – related party                                                                                            |     | $                 |   1,505 |   |

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

| F-6 |

<div align='center'>Blue Water Acquisition Corp. III

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024</div>

Note 1 — Organization and Business Operations

Blue Water Acquisition Corp. III (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on November 1, 2024. 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 December 31, 2024, the Company has not commenced any operations. All activity for the period from November 1, 2024 (inception) through December 31, 2024 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 cash and cash equivalents and dividend income from marketable securities purchased 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 Water Acquisition III LLC (the “Sponsor”). The Company’s ability to commence operations is contingent upon obtaining adequate