Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 136

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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 be paid to BTIG, LLC in cash upon the closing of the initial business combination
and (ii) $0.05 per Unit sold in the initial public offering will be payable to BTIG, LLC in cash, provided that the Company and the Sponsor
have the right, in the Company and the Sponsor’s discretion, to reallocate any portion of the Allocable Amount to third parties
not participating in the initial public offering (but who are members of FINRA) that assist the Company in consummating the initial business
combination.

We have entered into an administrative services agreement with an affiliate
of the Sponsor pursuant to which we are required to pay $10,000 per month for office space, utilities, and secretarial and administrative
services, commencing on effective date of the initial public offering, through the earlier of our initial business combination and our
liquidation.

Commitments
and Contingencies

Registration
rights

The
holders of the (i) founder shares, which were issued in a private placement prior to the closing of the initial public offering, (ii)
Private Placement Units (and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private
Placement Warrants) which will be issued in a private placement simultaneously with the closing of the initial public offering and (iii)
Private Placement Units (and the securities comprising such units and the Class A ordinary shares issuable upon exercise of the Private
Placement Warrants) that may be issued upon conversion of Working Capital Loans will have registration rights to require the Company
to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior
to the consummation of an initial business combination pursuant to a registration rights agreement entered into on the effective date
of the initial public offering.

The
holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements
filed subsequent to the completion of an initial business combination. Notwithstanding anything to the contrary, BTIG, LLC may only make
a demand on one occasion and only during the five-year period beginning the commencement of sales of the Company’s initial public
offering. In addition, BTIG, LLC may participate in a “piggy-back” registration only during the seven-year period beginning
the commencement of sales of the Company’s initial public offering