Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 119

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable
for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A ordinary shares as
reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares
trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

Note
4 — Private Placement

Simultaneously
with the closing of the Initial Public Offering, the Sponsor and BTIG, LLC purchased an aggregate 683,000 Private Placement Units, at
a price of $10.00 per Private Placement Unit for an aggregate purchase price of $6,830,000. Of the 683,000 Private Placement Units, the
Sponsor purchased 430,000 Private Placement Units and BTIG, LLC purchased 253,000 Private Placement Units. Each Private Placement Unit
consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole Private Placement Warrant entitles the registered
holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

The
Private Placement Warrants are identical to the Public Warrants sold in the Initial Public Offering except that, so long as they are
held by the Sponsor, BTIG, LLC, or their permitted transferees, the Private Placement Warrants (i) may not (including the Class A ordinary
shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred, assigned or
sold by the holders until 30 days after the completion of the initial Business Combination, (ii) will be entitled to registration rights
and (iii) with respect to Private Placement Warrants held by BTIG, LLC and/or its designees, will not be exercisable more than five years
from the commencement of sales in the Initial Public Offering in accordance with Financial Industry Regulatory Authority (“FINRA”)
Rule 5110(g)(8).

The
Sponsor, officers and directors entered into a letter agreement with the Company, pursuant to which they agreed to (i) waive their redemption
rights with respect to any shares held by them in connection with the completion of the initial Business Combination; (ii) waive their
red