Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 134

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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 the Company’s board of directors may approve (the “Completion
Window”), subject to applicable law, or (iii) the redemption of our public shares properly submitted in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association to (A) modify the substance or timing of our obligation
to allow redemption in connection with the initial business combination or to redeem 100% of our public shares if we have not consummated
an initial business combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’
rights or pre-initial business combination activity. The proceeds deposited in the trust account could become subject to the claims of
our creditors, if any, which could have priority over the claims of our public shareholders.

We
intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust
account (excluding deferred underwriting commissions). We may withdraw interest to pay our taxes, if any (but without deduction for any
excise or similar tax that may be due or payable). Our annual income tax obligations will depend on the amount of interest and other
income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient
to pay our income taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our initial
business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the
target business or businesses, make other acquisitions and pursue our growth strategies.

As
of June 30, 2025, we have $1,039,666 of proceeds outside of the trust account. We will use these funds to primarily identify and evaluate
target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of
prospective target businesses, and structure, negotiate and complete a business combination.

We
do not anticipate that we will need to raise additional funds following the initial public offering in order to meet the expenditures required for
operating our business prior to our initial business combination. However, if our estimates of the costs of identifying a target business,
undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so,
we may have insufficient funds available to operate