Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 33

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 33
---
 founder shares are automatically convertible into our Class A ordinary shares concurrently with or immediately following the consummation  
 of our initial business combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment pursuant to       
 certain anti-dilution rights, as described below adjacent to the caption “Founder shares conversion and anti-dilution rights”;             |

| 18 |

| ●   our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (i) waive       
 their redemption rights with respect to any shares held by them in connection with the completion of our initial business combination;      
 (ii) waive their redemption rights with respect to any shares held by them in connection with a shareholder vote to approve an amendment    
 to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow         
 redemption in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated            
 an initial business combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ 
 rights or pre-initial business combination activity; (iii) waive their rights to liquidating distributions from the trust account           
 with respect to their founder shares and private placement shares if we fail to complete our initial business combination within            
 the completion window, although they will be entitled to liquidating distributions from the trust account with respect to any public        
 shares they hold if we fail to complete our initial business combination within the prescribed time frame and to liquidating distributions  
 from assets outside the trust account; and (iv) vote any founder shares and private placement shares held by them and any public            
 shares purchased during or after this offering (including in open market and privately-negotiated transactions, aside from shares           
 they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of            
 approving the business combination transaction) in favor of our initial business combination; and                                           |
| ●   the non-managing sponsor investors are not granted any shareholder or other rights in addition to those afforded to our other public    
 shareholders, and will only be issued membership interests in the sponsor, with no right to control the sponsor or vote or dispose          
 of any securities held by the sponsor, including the founder shares and the private placement units held by the sponsor. The non-managing   
 sponsor investors are not required to (i) hold any units, Class A