Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 303

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 303
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 III:                                                                |      |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 149)                                                  | F-2  |
| Balance Sheet as of December 31, 2024                                                                                    | F-3  |
| Statement of Operations for the Period from November 1, 2024 (Inception) through December 31, 2024                       | F-4  |
| Statement of Changes in Shareholder’s Deficit for the Period from November 1, 2024 (Inception) through December 31, 2024 | F-5  |
| Statement of Cash Flows for the Period from November 1, 2024 (Inception) through December 31, 2024                       | F-6  |
| Notes to Financial Statements                                                                                            | F-7  |

| Unaudited                                                                                           
 Financial Statements of Blue Water Acquisition Corp. III:                                           
 Condensed                                                                                           
 Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024                               
 Condensed                                                                                           
 Statement of Operations for the three months ended March 31, 2025 (unaudited)                       | Page 
 F-17 
 F-18 |
|:----------------------------------------------------------------------------------------------------|:-----|
| Condensed                                                                                           
 Statement of Changes in Shareholder’s Deficit for the three months ended March 31, 2025 (unaudited) | F-19 |
| Condensed                                                                                           
 Statement of Cash Flows for the three months ended March 31, 2025 (unaudited)                       | F-20 |
| Notes                                                                                               
 to Condensed Financial Statements                                                                   | F-21 |

| F-1 |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Board of Directors and Shareholder

of Blue Water Acquisition Corp. III

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Blue Water Acquisition Corp. III (the “Company”) as of December 31, 2024, the related statements of operations, changes in shareholder’s deficit, and cash flows for the period from November 1, 2024 (inception) through December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its