Company: BLUWU
Filing Date: 2025-03-28
Form Type: CORRESP
Source: 0001641172-25-001412
Chunk: 1

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-03-28
Form: CORRESP
Chunk 1
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 effect a share capitalization 
 or other mechanism with respect to your Class B shares so as to maintain the ownership of founder shares by the initial shareholders,      
 on an as-converted basis, at approximately 20% of your issued and outstanding ordinary shares upon consummation of the offering.           
 We also note your discussion on page 21 of anti-dilution provisions applicable to the conversion of founder shares at the time of          
 the business combination. Please discuss these provisions, which could involve the issuance of additional shares, on the cover page.       
 Provide sufficient information for investors to understand the amount of Class A shares that would be issuable in each case. Finally,      
 please provide a cross reference to the locations of the disclosure related to compensation and securities issuances in the prospectus.    
 Please see Item 1602(a)(3) of Regulation S-K.                                                                                              |

Response:In response to the Staff’s comment, the Company has revised the disclosure on the cover page of the Amended Registration Statement.

Sponsor Information, page 11

| 3. | Please                                                                                                                                  
 disclose the nature and amount of the material interests in the sponsor that are held by your officers and directors. Clarify whether   
 the nature of the interests in the sponsor held by your officers and directors is different from nature of the interests held by        
 independent directors. Please also clarify, if true, that non-managing sponsor investors will hold their interests in private placement 
 units through interests in the sponsor, and if material, state the amount and nature of these interests. Finally, please reconcile      
 any inconsistencies regarding the nature or amount of interest of the members of the sponsor with disclosure on page 20 describing      
 the two classes of membership interest units that “all members of the sponsor” will hold. Please see Item 1603(a)(7)                    
 of Regulation S-K.                                                                                                                      |

Response:In response to the Staff’s comment, the Company has revised the disclosure on pages 11, 20, 112 and 149 of the Amended Registration Statement.

| 4. | On                                                                                                                                      
 your cover page and in the tabular disclosure on pages 11 and 112 please revise to clarify, if true, that up to $1.5 million of working 
 capital loans and private placement warrants issued upon conversion thereof may be received or issued to members of your management     
 team who are affiliates of the sponsor or their affiliates, as disclosed on page 26. Please also disclose that you may engage your      
 sponsor or an affiliate of your sponsor