Company: BACC
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001185185-25-000892
Chunk: 75

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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 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.

17

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 for an aggregate purchase price of $5,922,500. The Private Placement Units (and underlying
securities) are identical to the Public Units, except as otherwise disclosed in the IPO Registration Statement. No underwriting discounts
or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act.

A total of $201,250,000 of the proceeds from the
Initial Public Offering and the Private Placement (which amount includes up to $7,043,750