Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 102

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

Note
1 — Organization and Business Operations

Blue
Water Acquisition Corp. III (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on
November 1, 2024. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).
The Company has not selected any specific Business Combination target, and the Company has not, nor has anyone on its behalf, engaged
in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination
with the Company.

As
of June 30, 2025, the Company has not commenced any operations. All activity for the period from November 1, 2024 (inception) through
June 30, 2025 relates to the Company’s formation and its initial public offering (the “Initial Public Offering”), as
discussed in Note 3, and subsequent to the Initial Public Offering, identifying a target company
for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination,
at the earliest. The Company may generate non-operating income in the form of interest income on cash and cash equivalents and dividend
income from marketable securities purchased from the proceeds derived from the Initial Public Offering. The Company has selected December
31 as its fiscal year end.

On
June 11, 2025, the Company consummated the Initial Public Offering of 25,300,000 units (the “Units” and, with respect to
the Class A ordinary shares included in the Units, the “Public Shares”), which includes the full exercise by
the underwriters of their over-allotment option in the amount of 3,300,000 Units, at $10.00 per Unit, generating gross proceeds of $253,000,000.
Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”).

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 683,000 units (the “Private Placement Units”
and, with respect to the Class A ordinary shares included in the Private Placement Units, the “Private Placement