Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 141

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 141
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 Business Combination — Permitted Purchases of Our Securities.”                                                                          |

| 97 |

<div align='center'>Capitalization</div>

The following table sets forth our capitalization at March 31, 2025, and as adjusted to give effect to the filing of our amended and restated memorandum and articles of association, the sale of our units in this offering and the sale of the private placement units and the application of the estimated net proceeds derived from the sale of such securities, assuming no exercise by the underwriters of their over-allotment option:

|                                                                                                                                                                                                                                        |     | March       
 31, 2025    |          |   |     |             |             |   |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:------------|---------:|:--|:----|:------------|------------:|:--|
|                                                                                                                                                                                                                                        |     | Actual      
 (unaudited) |          |   |     | As Adjusted |             |   |
| Notes payable to related party(1)                                                                                                                                                                                                      |     | $           |  136,183 |   |     | $           |           — |   |
| Deferred underwriting commissions                                                                                                                                                                                                      |     |             |        — |   |     |             |   7,000,000 |   |
| Over-allotment liability(2)                                                                                                                                                                                                            |     |             |        — |   |     |             |     176,900 |   |
| Class A ordinary shares, subject to redemption, 0 and 20,000,000 shares which are subject to possible redemption, actual and as adjusted, respectively(3)                                                                              |     |             |        — |   |     |             | 200,000,000 |   |
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding, actual and as adjusted, respectively                                                                                                   |     |             |        — |   |     |             |           — |   |
| Class A ordinary shares, $0.0001 par value, 485,000,000 shares authorized; 0 and 600,000 shares issued and outstanding, actual and as adjusted, respectively (excluding 20,000,000 shares which are subject to possible redemption)(4) |     |             |        — |   |     |             |          60 |   |
| Class B ordinary shares, $0.0001 par value, 50,000,