Company: BLUWU
Filing Date: 2025-03-31
Form Type: S-1/A
Source: 0001641172-25-001410
Chunk: 231

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-03-31
Form: S-1/A
Chunk 231
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 exceptions to such transfer restrictions, also see “Proposed Business — Initial Business Combination — Sponsor Information.”

Holders of our private
placement units (including their component securities) are entitled to certain registration rights. If we do not consummate an initial
business combination within the completion window, any proceeds from the sale of the private placement units held in the trust account
will be used to fund the redemption of our public shares (subject to the requirements of applicable law). Holders of our private placement
units have entered into an agreement with us, pursuant to which, among others, they will agree to waive their redemption rights with
respect to their founder shares, private placement shares included in any private placement units and public shares in connection with
(i) the completion of our initial business combination and (ii) an amendment to our amended and restated memorandum and articles
of association (A) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection
with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business combination
within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business
combination activity. Further, if we seek shareholder approval, we will complete our initial business combination only if we obtain the
approval of an ordinary resolution under Cayman Islands law and our amended and restated memorandum and articles of association. In such
case, our sponsor and management team will agree to vote their founder shares, private placement shares included in any private placement
units and any public shares purchased during or after this offering in favor of our initial business combination. Otherwise, the private
placement units are identical to the Class A ordinary shares sold in this offering.

In order to fund working
capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor, affiliates
of our sponsor or our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such
loans may be convertible into private placement units of the post business combination entity at a price of $10.00 per unit at the option
of the lender. The private placement units issued upon conversion of any such loans would be identical to the private placement units
sold in a private placement concurrently with this offering.

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Ordinary Shares

Prior to the date of this prospectus, there were 5,750,000