Company: BACC
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001185185-25-000574
Chunk: 193

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-06-02
Form: S-1/A
Chunk 193
---
, Share Rights, shares or any other securities convertible into, or exercisable, or exchangeable for, shares, subject to certain exceptions. The representative in its sole discretion may release any of the securities subject to these lock-up agreements at any time without notice, other than in the case of the officers and directors, which shall be with notice. Our sponsor, officers and directors are also subject to separate transfer restrictions on their founder shares and private placement units pursuant to the letter agreement described in the immediately preceding paragraphs. |

Up to 922,163 of the founder shares will be surrendered
for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. In addition, in order
to facilitate our initial business combination as determined by our sponsor in its sole discretion, our sponsor may surrender or forfeit,
transfer or exchange our founder shares, private placement units or any of our other securities, including for no consideration, as well
as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or enter into
any other arrangements with respect to any such securities. We may also issue Class A ordinary shares upon conversion of the Class B
ordinary shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions
as set forth therein.

Pursuant to the letter agreement to be entered with us, each of our sponsor, directors and officers have agreed to a lock-up and restrictions on their ability to transfer, assign, or sell the founder shares and private placement units and securities underlying the private placement units. Further, the sponsor membership interests (including the interests held by the non-managing members) are locked up and not transferable because the letter agreement prohibits indirect transfers.

While there is no current intention to do so, and
the members of our management team and sponsor have not done so with any previously formed special purpose acquisition companies, we
may approve an amendment or waiver of the letter agreement that would allow the sponsor to directly, or members of our sponsor to indirectly,
transfer founder shares and private placement shares or membership interests in our sponsor in a transaction in which the sponsor removes
itself as our sponsor before identifying a business combination. As a result, there is a risk that our sponsor and our officers and directors
may divest their ownership or economic interests in us or in our sponsor, which would likely result in our loss of certain key personnel,
including Ketan Seth. There can be no assurance