Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 330

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 330
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 Net loss                                                            |     | $              |   (75,822 | ) |
| Basic                                                               
 and diluted weighted average Class B ordinary shares outstanding(1) |     |                | 5,000,000 |   |
| Basic and diluted net loss per share                                |     | $              |     (0.02 | ) |

| (1) | Excludes                                                                                                                            
 up to 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the 
 underwriters (Note 8).                                                                                                              |

<div align='center'>The accompanying notes are an integral part of these condensed financial statements.</div>

| F-18 |

<div align='center'>Blue Water Acquisition Corp. III

CONDENSED UNAUDITED STATEMENT OF CHANGES IN SHAREHOLDER’S DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2025</div>

|                                           |     | Class B         
 Ordinary shares 
 Shares          |           |     | Amount |     |     | Additional 
 Paid-In    
 Capital    |        |     | Deficit | Accumulated |   |     | Shareholder’s 
 Deficit       |         |   |
|:------------------------------------------|:----|:----------------|----------:|:----|:-------|----:|:----|:-----------|-------:|:----|:--------|:------------|:--|:----|:--------------|:--------|:--|
| Balance as of December 31, 2024 (audited) |     |                 | 5,750,000 |     | $      | 575 |     | $          | 24,425 |     | $       | (48,541     | ) |     | $             | (23,541 | ) |
| Net loss                                  |     |                 |         — |     |        |   — |     |            |      — |     |         | (75,822     | ) |     |               | (75,822 | ) |
| Balance as of March 31, 2025              |     |                 | 5,750,000 |     | $      | 575 |     | $          | 24,425 |     | $       | (124,363    | ) |     | $             | (99,363 | ) |

| (1) | Includes                                                                                                                            
 up to 750,000 Class B