Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 60

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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4 (inception) through
June 30, 2025 relates to the Company’s formation and its initial public offering (the “Initial Public Offering”), as
discussed in Note 3, and subsequent to the Initial Public Offering, identifying a target company
for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination,
at the earliest. The Company may generate non-operating income in the form of interest income on cash and cash equivalents and dividend
income from marketable securities purchased from the proceeds derived from the Initial Public Offering. The Company has selected December
31 as its fiscal year end.

On
June 11, 2025, the Company consummated the Initial Public Offering of 25,300,000 units (the “Units” and, with respect to
the Class A ordinary shares included in the Units, the “Public Shares”), which includes the full exercise by
the underwriters of their over-allotment option in the amount of 3,300,000 Units, at $10.00 per Unit, generating gross proceeds of $253,000,000.
Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”).

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 683,000 units (the “Private Placement Units”
and, with respect to the Class A ordinary shares included in the Private Placement Units, the “Private Placement
Shares”) at a price of $10.00 per Private Placement Unit, in a private placement to the Company’s sponsor, Blue Water Acquisition
III LLC (the “Sponsor”), and BTIG, LLC, the representative of the underwriters in the Initial Public Offering, generating
gross proceeds of $6,830,000. Each Private Placement Unit consists of one Class A ordinary share and one-half of one redeemable warrant
(the “Private Placement Warrants” and together with the Public Warrants, the “Warrants”). Each whole Warrant
entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

Transaction
costs amounted to $14,420,089, consisting of $5,060,000 of cash underwriting fee, $8,855,000 of deferred underwriting fee, and $505,089
of other offering costs.

The
Company’s management has broad discretion with