Company: BLUWU
Filing Date: 2025-02-20
Form Type: S-1
Source: 0001493152-25-007630
Chunk: 39

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-02-20
Form: S-1
Chunk 39
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 Private Placement Units.”                                                                                                      |
| Proceeds                                 
 to be held in trust account:             |     | Nasdaq                                                                                                                                    
 rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited         
 in a trust account. Of the net proceeds we will receive from this offering and the sale of the private placement units described          
 in this prospectus, $200,000,000, or $230,000,000 if the underwriters’ over-allotment option is exercised in full ($10.00 per             
 unit in either case), will be placed in a U.S. based trust account with Continental Stock Transfer & Trust Company acting as              
 trustee, and initially be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market    
 funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury    
 obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended   
 business combination. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company     
 Act, which risk increases the longer that we hold investments in the trust account, we may, at any time (based on our management          
 team’s ongoing assessment of all factors related to our potential status under the Investment Company Act), instruct the trustee          
 to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest       
 bearing demand deposit account at a bank. The proceeds to be placed in the trust account include $7,000,000 (or up to $8,050,000          
 if the underwriters’ over-allotment option is exercised in full) in deferred underwriting commissions.                                    |

| 23 |

|                                                 |     | Except                                                                                                                                    
 with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any, the proceeds  
 from this offering and the sale of the private placement units will not be released from the trust account until the earliest of          
 (i) the completion of our initial business combination, (ii) the redemption of our public shares if we are unable to complete our         
 initial business combination within the completion window, subject to applicable law, or (iii) the redemption of our public shares        
 properly submitted in connection with a shareholder vote to amend our amended