Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 77

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 the
Sponsor purchased 430,000 Private Placement Units and BTIG, LLC purchased 253,000 Private Placement Units. Each Private Placement Unit
consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole Private Placement Warrant entitles the registered
holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

The
Private Placement Warrants are identical to the Public Warrants sold in the Initial Public Offering except that, so long as they are
held by the Sponsor, BTIG, LLC, or their permitted transferees, the Private Placement Warrants (i) may not (including the Class A ordinary
shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred, assigned or
sold by the holders until 30 days after the completion of the initial Business Combination, (ii) will be entitled to registration rights
and (iii) with respect to Private Placement Warrants held by BTIG, LLC and/or its designees, will not be exercisable more than five years
from the commencement of sales in the Initial Public Offering in accordance with Financial Industry Regulatory Authority (“FINRA”)
Rule 5110(g)(8).

The
Sponsor, officers and directors entered into a letter agreement with the Company, pursuant to which they agreed to (i) waive their redemption
rights with respect to any shares held by them in connection with the completion of the 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 the amended
and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow
redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company has 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 the Company fails to complete an 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 the Company fails to complete an initial Business Combination within the prescribed time frame and to liquidating
distributions from assets outside