Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 122

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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Company’s initial shareholders have agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary
shares issued upon conversion thereof until the earlier to occur of (i) one year after the completion of the initial Business Combination
or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial
Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares
for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the
Company’s initial shareholders with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if
(1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results
in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares
will be released from the Lock-up.

Promissory
Note — Related Party

The
Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering
(the “Promissory Note”). The Promissory Note was non-interest bearing, unsecured and due at the earlier of (i) November 20,
2025, (ii) the closing of the Initial Public Offering or (iii) the date which the Company determines not to proceed with the Initial
Public Offering. As of June 11, 2025, the date of the consummation of the Initial Public Offering, the Company had borrowed $242,397
under the Promissory Note. On June 11, 2025, the Company paid $283,472 to the Sponsor, resulting in an overpayment of $41,075 that was
recorded as a related party receivable. The Promissory Note was non-interest bearing and was repaid in full in connection with the Initial Public Offering. The
Promissory Note is no longer available as of June 30, 2025.

Due from Related Party

As of June 30, 2025