Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 33

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 (such as us) to complete their initial Business Combination in accordance with the Nasdaq 36-Month Requirement.
If we do not meet the Nasdaq 36-Month Requirement, our securities will likely be subject to a suspension of trading and delisting from
Nasdaq.

Recent
Developments

The Sponsor deposited an aggregate of $249,950 into
our bank account, depositing $50,000 in April 2025, and $199,950 in May 2025. The $249,950 were accounted for as a capital contribution
by the Sponsor and applied to the Sponsor’s purchase of Private Placement Units in the Private Placement.

In
May 2025, we effected a share capitalization for an additional 1,009,988 Class B Ordinary Shares for no additional consideration, resulting
in 7,069,913 Class B Ordinary Shares outstanding. Of the 7,069,913 Class B Ordinary Shares outstanding, up to 922,162 Ordinary Shares
were subject to forfeiture to our Company by the Sponsor for no consideration to the extent that the Over-Allotment Option is not exercised
in full or in part. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

18

On
June 16, 2025, we consummated the Initial Public Offering of 20,125,000 Public Units, which includes 2,625,000 Option Units issued pursuant
to the full exercise of the Over-Allotment Option. The Public Units were sold at a price of $10.00 per Public Unit, generating gross
proceeds to us of $201,250,000. Each Public Unit consists of one Public Share and one Public Right.

In
connection with the consummation of the Initial Public Offering, we issued, to the underwriters and/or their designees, 175,000 Representative
Shares.

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.

Simultaneously
with the closing of the Initial Public Offering, we completed the private sale of an aggregate of 592,250 Private Placement Units to
the Sponsor, BTIG and Roberts & Ryan at a price of $10.00 per Private Placement Unit