Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 87

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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 from the amounts held in the Trust Account solely in the event
that we complete a Business Combination, subject to the terms of the Underwriting Agreement.

Commencing on the effective date of the Initial
Public Offering, the Company entered into an agreement with the managing member of our Sponsor to pay an aggregate of $5,000 per month
for office space, utilities, and secretarial and administrative support, pursuant to the Administrative Services Agreement. These monthly
fees will cease upon the completion of the initial Business Combination or our liquidation. For the three months ended September 30, 2025
and for the period from February 10, 2025 (inception) through September 30, 2025, the Company recorded $15,500 and $17,833 to administrative
services fee – related party on the statement of operations, respectively, and has paid $12,833 as of September 30, 2025, resulting
in an accrual of $5,000 to administrative services fee payable – related party on the balance sheet.

The
Sponsor has agreed to loan us an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering
pursuant to the IPO Promissory Note. The IPO Promissory Note is non-interest bearing, unsecured and due at the earlier of December 31,
2025 or the closing of the Initial Public Offering. The loan will be repaid out of the $747,500 of offering proceeds that has been allocated
to the payment of offering expenses. We had borrowed $193,236 through June 16, 2025, the consummation of the Initial Public Offering,
and repaid $203,557 to the Sponsor to settle the balance on June 16, 2025. The overpayment of $10,321 was recorded as a related party
receivable as of September 30, 2025.

Commitments
and Contingencies

The
holders of (i) Founder Shares, (ii) Private Placement Units (and their underlying securities) and units that may be issued upon conversion
of Working Capital Loans (and their underlying securities), if any, (iii) the Representative Shares, (iv) any Class A Ordinary Shares
issuable upon conversion of the Founder Shares and (v) any Class A Ordinary Shares held by the Initial Shareholders at the completion
of the Initial Public Offering or acquired prior to or in connection with the initial Business Combination, will be