Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 118

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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exercise price of the warrants by (y) the fair market value. The “fair market value” is the average reported closing price
of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise
is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

Redemption
of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00: The Company may redeem the outstanding Warrants:

    ●
    in
    whole and not in part;

    ●
    at
    a price of $0.01 per Warrant;

    ●
    upon
    a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

    ●
    if,
    and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to
    the number of shares issuable upon exercise or the exercise price of a Warrant) for any 20 trading days within a 30-trading day period
    commencing at least 30 days after completion of the Company’s initial Business Combination and ending three business days before
    the Company sends the notice of redemption to the Warrant holders.

    11 

Additionally,
if the number of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by
a subdivision of ordinary shares or other similar event, then, on the effective date of such share capitalization, subdivision or similar
event, the number of Class A ordinary shares issuable on exercise of each Warrant will be increased in proportion to such increase in
the outstanding ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase
Class A ordinary shares at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary
shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any
other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the
quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market value. For these purposes (i)
if the rights