Company: MYI
Filing Date: 2025-07-15
Form Type: 425
Source: 0001193125-25-159406
Chunk: 15

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-15
Form: 425
Chunk 15
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ARGES AND EXPENSES OF THE FUND AND THE ACQUIRING FUND.

The Proxy Statement/Prospectus will not constitute an offer to buy or sell securities in any state where such offer or sale is not permitted.

Shareholders may obtain free copies (when they become available) of the Proxy Statement/Prospectus and other documents filed with the SEC
at the SEC’s web site at www.sec.gov. In addition, free copies (when they become available) of the Proxy Statement/Prospectus and other documents filed with the SEC may also be obtained by directing a request to BlackRock at (800) 882-0052.

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| 4. | Certain Conditions of the Offer. |

Notwithstanding any other provision of the Offer, and in addition to (and not in limitation of) the Fund’s right to extend, amend or terminate the Offer at any time in its sole discretion, the Fund shall not be required to accept for purchase or, subject to the applicable rules and regulations of the Commission, including Rule 14e-1(c)under the Exchange Act, pay for, and may delay the acceptance of or payment for any tendered Shares, if: (a) such transactions, if consummated, would:

| (i) | result in delisting of the Fund’s Shares from the NYSE (the NYSE Listed Company Manual provides that the                                                                                                         
 NYSE would promptly initiate suspension and delisting procedures with respect to closed-end funds if the total market value of publicly held shares and net assets of the Fund over 60 consecutive calendar days 
 are each below $5,000,000);                                                                                                                                                                                      |

| (ii) | impair the Fund’s status as a regulated investment company (“RIC”) under the Internal Revenue                                                                                                                                 
 Code of 1986, as amended (the “Code”) (which would make the Fund subject to U.S. federal income taxes on all of its income and gains in addition to the taxation of stockholders who receive distributions from the Fund); or |

| (iii) | result in a failure to comply with the applicable asset coverage requirements applicable to senior securities 
 of the Fund that are issued and outstanding;                                                                  |

(b) the amount of Shares tendered would require liquidation of such a substantial portion of the Fund’s portfolio securities that the Fund would not be able to liquidate portfolio securities in an orderly manner in light of the existing market conditions and such liquidation would have an adverse effect on the NAV of the Fund to the detriment of non