Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 53

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 (the “Sponsor”) and the underwriters in the Initial Public Offering, generating gross proceeds of $5,922,500.
Each Private Placement Unit consists of one Class A ordinary share one right to receive one-tenth (1/10) of one Class A ordinary share
upon the consummation of an initial Business Combination (each, a “Private Placement Right” and together with a Public Right,
a “Share Right”).

Transaction
costs amounted to $13,262,661, consisting of $4,025,000 of cash underwriting fee, $7,043,750 of deferred underwriting fee, $1,750,000
for issuance of representative shares, and $443,911 of other offering costs.

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the Private Placement Units, although substantially all of the net proceeds are intended to be generally applied toward consummating
a Business Combination (less deferred underwriting commissions).

The
Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net
balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and income taxes payable
on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the
Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There
is no assurance that the Company will be able to successfully effect a Business Combination.

Following
the closing of the Initial Public Offering, on June 16, 2025, an amount of $201,250,000 ($10.00 per Unit) from the net proceeds of the
sale of the Units and the Private Placement Units, was placed in the trust account (the “Trust Account”), with Continental
Stock Transfer & Trust Company acting as trustee. The funds are initially held in cash, including demand deposit accounts at a bank,
or invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain
conditions under Rule 2