Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 103

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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Shares”) at a price of $10.00 per Private Placement Unit, in a private placement to the Company’s sponsor, Blue Water Acquisition
III LLC (the “Sponsor”), and BTIG, LLC, the representative of the underwriters in the Initial Public Offering, generating
gross proceeds of $6,830,000. Each Private Placement Unit consists of one Class A ordinary share and one-half of one redeemable warrant
(the “Private Placement Warrants” and together with the Public Warrants, the “Warrants”). Each whole Warrant
entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

Transaction
costs amounted to $14,420,089, consisting of $5,060,000 of cash underwriting fee, $8,855,000 of deferred underwriting fee, and $505,089
of other offering costs.

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public
Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be generally
applied toward consummating a Business Combination (less deferred underwriting commissions).

The
Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net
balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and taxes payable
on the income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination. However,
the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no
assurance that the Company will be able to successfully effect a Business Combination.

Following
the closing of the Initial Public Offering, on June 11, 2025, an amount of $253,000,000
($10.00
per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement Units, was placed in the trust
account (the “Trust Account”), with Continental Stock Transfer & Trust Company acting as trustee. The funds are