Company: BLUWU
Filing Date: 2025-03-31
Form Type: S-1/A
Source: 0001641172-25-001410
Chunk: 223

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-03-31
Form: S-1/A
Chunk 223
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gy-back” registration rights with respect to registration statements filed subsequent to our
completion of our initial business combination. Notwithstanding anything to the contrary, BTIG may only make a demand on one occasion
and only during the five-year period beginning on the effective date of the registration statement of which this prospectus forms a part.
In addition, BTIG may participate in a “piggy-back” registration only during the seven-year period beginning on the effective
date of the registration statement of which this prospectus forms a part. We will bear the expenses incurred in connection with the filing
of any such registration statements.

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<div align='center'>Certain relationships and related party transactions</div>

On December 3, 2024, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 5,750,000 founder shares.

The number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriters’ over-allotment option is exercised in full, and therefore that such founder shares would represent 20% of the outstanding shares after this offering (excluding the Class A ordinary shares comprising part of the private placement units). Up to 750,000 of the founder shares will be surrendered for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. If we increase or decrease the size of the offering, we will effect a share capitalization or a share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (excluding the Class A ordinary shares comprising part of the private placement units).

Our sponsor and BTIG, the representative of the underwriters of this offering, have committed, pursuant to written agreements, to purchase an aggregate of 600,000 private placement units (or 660,000 private placement units if the underwriters’ over-allotment option is exercised in full), at a price of $10.00 per unit, or $6,000,000 in the aggregate (or $6,600,000 if the underwriters’ over-allotment option is exercised in full), in a private placement that will close simultaneously with the closing of this