Company: BACC
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001185185-25-000892
Chunk: 3

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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    $57,900 

The accompanying notes are an integral part of
the unaudited condensed financial statements.

4

BLUE
ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

Note 1 — Organization
and Business Operations

Blue
Acquisition Corp. (the “Company”) is a special purpose acquisition company incorporated as a Cayman Islands exempted company
on February 10, 2025. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition,
share purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”).
The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged
in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination
with the Company.

As of March 31, 2025, the Company had not commenced
any operations. All activity for the period from February 10, 2025 (inception) through March 31, 2025 relates to the Company’s formation
and the Initial Public Offering (as defined below). 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 investments
from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal
year end.

The Company’s Sponsor is Blue Holdings Sponsor
LLC (the “Sponsor”). The Company’s ability to commence operations is contingent upon obtaining adequate financial resources
through an Initial Public Offering of 17,500,000 units at $10.00 per unit (the “Units”) (or 20,125,000 Units if
the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3 (the “Initial Public Offering”),
and the sale of 539,750 units (or 592,250 units if the underwriters’ over-allotment option is exercised in full) (the
“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement that will close simultaneously
with the Initial Public Offering (Note 4). Each Unit and Private Placement Unit consists of one