Company: BLUWU
Filing Date: 2025-03-31
Form Type: S-1/A
Source: 0001641172-25-001410
Chunk: 33

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-03-31
Form: S-1/A
Chunk 33
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 private placement units to be sold in the private 
 placement.                                                                                   |

| 15 |

| Exercise 
 price:   |     | $11.50                                                                                                                                    
 per share, subject to adjustments as described herein. In addition, if (x) we issue additional Class A ordinary shares or equity-linked   
 securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective 
 issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good        
 faith by our board of directors and, in the case of any such issuance to our initial shareholders or their affiliates, without taking     
 into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior to such issuance) (the          
 “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity                   
 proceeds (including from such issuances and this offering), and interest thereon, available for the funding of our initial business       
 combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted         
 average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day        
 on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, then                   
 the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and       
 the Newly Issued Price, and the $18.00 per share redemption trigger prices described below under “Redemption of warrants                  
 when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal                    
 to 180% of the higher of the Market Value and the Newly Issued Price.                                                                     |
| Exercise 
 period:  |     | The                                                                                                                                       
 warrants will become exercisable at the later of 12 months from the closing of this offering and 30 days after the completion of          
 our initial business combination, provided that we have an effective registration statement under the Securities Act covering the         
 Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares     
 are registered, qualified or exempt from registration under the securities, or blue sky, laws of the