Company: BACC
Filing Date: 2025-06-11
Form Type: S-1/A
Source: 0001185185-25-000607
Chunk: 188

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-06-11
Form: S-1/A
Chunk 188
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 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 that any replacement sponsor or key personnel will successfully identify a business combination
target for us, or, even if one is so identified, successfully complete such business combination.

The securities held by the sponsor are expected to only be distributed directly to the members of the sponsor following the consummation of our initial business combination, provided that such members agree to become subject to the applicable transfer restrictions with respect to such securities, including the letter agreement. Indirect transfers of the securities held by the sponsor, such as to another member of the sponsor or their affiliate, a family member or a new member of the sponsor, may be permitted with the prior consent of Mr. Seth, the managing member of BHM, the managing member of our sponsor, so long as such transfer complies with the applicable transfer restrictions with respect to such securities described in the table above to the same extent as the