Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 217

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 217
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 event that, subsequent to our consummation of an initial business combination, we complete a liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; or (j) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (a) through (g); provided, however, that in the case of clauses (a) through (g) and clause (j) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreements. Except in certain limited circumstances, no member of the sponsor (including the non-managing sponsor investors) may transfer all or any portion of its membership interests in the sponsor.

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Assuming no liquidation, merger, share exchange, reorganization or other similar transaction takes place, lock-ups on securities owned by our initial shareholders would expire as follows:

| Founder                                                                                                                                      
 Shares                                                                                                                                       |     | Private                                                   
 Placement Units                                           |
| one                                                                                                                                          
 year after the completion of our initial business combination or earlier if, subsequent to our initial business combination, the             
 closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, 
 reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150            
 days after our initial business combination                                                                                                  |     | 30                                                        
 days after completion of our initial business combination |

Registration Rights

The holders of the (i)
founder shares, which were issued in a private placement prior to the closing of this 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 comprising
part of such units) which will be issued in a private placement simultaneously with the closing of this 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 comprising part of such units) that may be issued upon conversion of working capital loans will have registration rights
to require us to register a sale of any of our securities held by them and any other securities of the company acquired by them prior
to the consummation of our initial business combination pursuant to a registration