Company: BACC
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001185185-25-000948
Chunk: 55

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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BLUE
ACQUISITION CORP.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 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 June 30, 2025, the Company had not commenced
any operations. All activity for the period from February 10, 2025 (inception) through June 30, 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.

On June 16, 2025, the Company consummated the
Initial Public Offering of 20,125,000 units (the “Units” and, with respect to the Class A ordinary shares included in the
Units being offered, the “Public Shares”), which includes the full exercise by the underwriters of their over-allotment option
in the amount of 2,625,000 Units, at $10.00 per Unit, generating gross proceeds of $201,250,000. Each Unit consists of one Class A ordinary
share and one right to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of the Company’s initial Business
Combination (each, a “Public Right”).

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 592,250 units (the “Private Placement Units” and, with respect to the
Class A ordinary shares included in the Private Placement Units being offered