Company: BACC
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001185185-25-000948
Chunk: 77

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 77
---
.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

The founder shares will automatically convert
into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of
the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations
and the like. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued
in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial Business
Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders
of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed
issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,
in the aggregate, 26% of the sum of (i) the total number of all ordinary shares outstanding upon the completion of the Initial Public
Offering (including any Class A ordinary shares issued pursuant to the underwriters’ over-allotment option and excluding the
securities underlying the Private Placement Units and the Class A ordinary shares underlying the Private Placement Rights
issued to the Sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection
with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any
seller in the initial Business Combination and any private placement-equivalent rights issued to our sponsor, BHM, certain of the Company’s
officers or directors, or any of their respective affiliates upon conversion of working capital loans) minus (iii) any redemptions
of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion
of founder shares will never occur on a less than one-for-one basis.

Holders
of record of the Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share
held on all matters to be voted on by shareholders. Unless specified in the amended and restated memorandum and articles of association
or as required by the Companies Act or stock exchange rules, an