Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 80

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 30-trading day period commencing at least 150 days
after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results
in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares
will be released from the Lock-up.

Promissory
Note — Related Party

The
Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering
(the “Promissory Note”). The Promissory Note was non-interest bearing, unsecured and due at the earlier of (i) November 20,
2025, (ii) the closing of the Initial Public Offering or (iii) the date which the Company determines not to proceed with the Initial
Public Offering. As of June 11, 2025, the date of the consummation of the Initial Public Offering, the Company had borrowed $242,397
under the Promissory Note. On June 11, 2025, the Company paid $283,472 to the Sponsor, resulting in an overpayment of $41,075 that was
recorded as a related party receivable. The Promissory Note was non-interest bearing and was repaid in full in connection with the Initial Public Offering. The
Promissory Note is no longer available as of June 30, 2025.

Due from Related Party

As of June 30, 2025, the Company had a related party receivable of $28,715
comprised of the $41,075 overpayment for settlement of the Promissory Note in connection with the Initial Public Offering, net of $12,360
excess cash contributions for the purchase of Private Placement Units.

Administrative
Services Agreement

Commencing
on the June 11, 2025, the Company entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $10,000 per month
for office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation,
the Company will cease paying the $10,000 per month fee. The Company has accrued $6,333 under the administrative services agreement,
and has incurred administrative service fees of $6,333 for the three and six months ended June 30, 2025.

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Related
Party Loans

In
order to