Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 102

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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 16, 2025, we consummated the Initial Public Offering of 20,125,000 Public Units, which includes 2,625,000 Option Units issued pursuant
to the full exercise of the Over-Allotment Option. The Public Units were sold at a price of $10.00 per Public Unit, generating gross
proceeds to us of $201,250,000. Each Public Unit consists of one Public Share and one Public Right.

In
connection with the consummation of the Initial Public Offering, we issued, to the underwriters and/or their designees, 175,000 Representative
Shares.

We
had borrowed $193,236 through June 16, 2025, the consummation of the Initial Public Offering, and repaid $203,557 to the Sponsor to settle
the balance on June 16, 2025. The overpayment of $10,321 was recorded as a related party receivable.

Simultaneously
with the closing of the Initial Public Offering, we completed the private sale of an aggregate of 592,250 Private Placement Units to
the Sponsor, BTIG and Roberts & Ryan at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $5,922,500.
The Private Placement Units (and underlying securities) are identical to the Public Units, except as otherwise disclosed in the IPO Registration
Statement. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units
was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

A
total of $201,250,000 of the proceeds from the Initial Public Offering and the Private Placement (which amount includes up to $7,043,750
of the underwriters’ deferred underwriting commissions), was placed in a U.S.-based trust account maintained by Continental, acting
as trustee, with the remaining proceeds from the Private Placement going to the our working capital account (a portion of which will
be used to pay offering expenses). Except with respect to interest earned on the funds in the Trust Account that may be released to the
us to pay our taxes, if any, and up to $100,000 for dissolution expenses, the funds held in the Trust Account will not be released from
the Trust Account until the earliest of (i) the completion of the our initial Business Combination, (ii) the redemption of the Public
Shares if