Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 329

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 329
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                                          |     |             |  231,576 |   |     |              |  48,541 |   |
| Shareholder’s Deficit                                                                                                      |     |             |          |   |     |              |         |   |
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding                             |     |             |        — |   |     |              |       — |   |
| Class A ordinary shares, $0.0001 par value, 485,000,000 shares authorized; none issued or outstanding                      |     |             |        — |   |     |              |       — |   |
| Class B ordinary shares, $0.0001 par value, 10,000,000 shares authorized; 5,750,000 shares issued and outstanding at March 
 31, 2025 and December 31, 2024                                                                                             |     |             |      575 |   |     |              |     575 |   |
| Additional paid-in capital                                                                                                 |     |             |   24,425 |   |     |              |  24,425 |   |
| Accumulated deficit                                                                                                        |     |             | (124,363 | ) |     |              | (48,541 | ) |
| Total Shareholder’s Deficit                                                                                                |     |             |  (99,363 | ) |     |              | (23,541 | ) |
| TOTAL LIABILITIES AND SHAREHOLDER’S DEFICIT                                                                                |     | $           |  132,213 |   |     | $            |  25,000 |   |

| (1) | Includes                                                                                 
 up to 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option 
 is not exercised in full or in part by the underwriters (Note 8).                        |

<div align='center'>The accompanying notes are an integral part of these condensed financial statements.</div>

| F-17 |

<div align='center'>Blue Water Acquisition Corp. III

CONDENSED UNAUDITED STATEMENT OF OPERATIONS</div>

|                                                                     |     | For the Three  
 Months Ended   
 March 31, 2025 |           |   |
|:--------------------------------------------------------------------|:----|:---------------|----------:|:--|
| Formation, general and administrative costs                         |     | $              |    75,822 |   |
|