Company: BACC
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001185185-25-000892
Chunk: 108

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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 reporting as of March 31, 2025 due to a lack of properly designed, implemented, and effectively
operating controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting
such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented,
or detected and corrected on a timely basis.

Effective internal controls are necessary for
us to provide reliable financial reports and prevent fraud. Measures to remediate material weaknesses may be time-consuming and costly
and there is no assurance that such initiatives will ultimately have the intended effects. If we are unable to maintain an effective system
of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which
may adversely affect investor confidence in us and materially and adversely affect our business and operating results. If
we identify any new material weaknesses in the future, any such newly identified material weakness could limit our ability to prevent
or detect a misstatement of our accounts or disclosures that could result in a material misstatement of our annual or interim financial
statements. In such case, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic
reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting and adversely
affect our business and operating results. We cannot assure you that the measures we have taken to date, or any measures we may take in
the future, will be sufficient to avoid potential future material weaknesses.

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

Unregistered Sales of Equity Securities

There
were no sales of unregistered securities during the quarterly period covered by the Report. However, simultaneously with the closing
of the Initial Public Offering and pursuant to the Private Placement Units Purchase Agreements, we completed the sale of an aggregate
of 592,250 Private Placement Units to the Sponsor, BTIG and Roberts & Ryan in the Private Placement at a purchase price of $10.00
per Private Placement Unit, generating gross proceeds to us of $5,922,500. Of those 592,250 Private Placement Units, the Sponsor purchased
391,000 Private Placement Units and BTIG and Roberts & Ryan purchased 201,250  Private Placement Units. 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