Company: BACC
Filing Date: 2025-06-11
Form Type: S-1/A
Source: 0001185185-25-000607
Chunk: 158

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-06-11
Form: S-1/A
Chunk 158
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excluding the private placement shares). Further, if we incur any indebtedness in connection with our business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

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DILUTION</div>

The difference between the public offering price per unit and Adjusted NTBVPS, on a pro forma basis to give effect to this offering and the issuance of the private placement units, assuming no exercise of the over-allotment option and exercise of the over-allotment option in full, constitutes dilution to investors in this offering. Adjusted NTBVPS is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of Class A ordinary shares that may be redeemed for cash), as adjusted to reflect various potential redemption levels that may occur in connection with the closing of our initial business combination, by the number of outstanding Class A ordinary shares.

Adjusted NTBVPS excludes the effect of the consummation of our initial business combination or any related transactions or expenses. We may need to issue ordinary shares or convertible equity or debt securities in the circumstances described above, as we intend to target an initial business combination with a target company whose enterprise value is greater than the net proceeds of the offering and the sale of private placement units. The issuance of additional ordinary or preference shares may significantly dilute the equity interest of investors in this offering, which dilution would even further increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-for-one basis upon conversion of the Class B ordinary shares.

The below calculations (A) assume that (i) no ordinary shares
are issued to shareholders of a potential business combination target as consideration or issuable by a post-business combination
company, for instance under an equity or employee share purchase plan, (ii) no ordinary shares and convertible equity or debt securities
are issued in connection with additional financing that we may seek in connection with an initial business combination, (iii) no
working capital loans are converted into private placement units, as further described in this prospectus, and (B) assume the issuance
of 17,500,000 Class A ordinary shares (or 20,125,000 Class A ordinary shares if the over-allotment option is exercised
in full) and 6,147,750 founder shares (up to 922,163 of which are assumed to be forfeited in the