Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 28

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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11, 2025, was $3,340,119,
or $0.26
per Public Warrant. The fair value of Public Warrants was determined using Black-Scholes Simulation Model. The Public Warrants have
been classified within shareholders’ deficit and will not require remeasurement after issuance. The Public Warrants are
classified as Level 2 fair value measurements. The following table presents the quantitative information regarding market
assumptions used in the valuation of the Public Warrants:

 Schedule
of Quantitative Information Regarding Market Assumption

    June 11, 2025 
  
    Implied ordinary share price 
    $9.87 
  
    Exercise price 
    $11.50 
  
    Simulation term (years) 
     6.50 
  
    Risk-free rate 
     4.16%
  
    Selected volatility 
     2.70%
  
    Calculated value per warrant 
    $0.26 
  
    Market adjustment 
     23.53%

Note
10 — Subsequent Events

The
Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements
were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the financial statement.

16

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless
otherwise stated or the context otherwise requires, references in this quarterly report to (i) the “Company,” “us,”
or “we” are to Blue Water Acquisition Corp. III, a Cayman Islands exempted company; (ii) “founder shares” are
to shares of our Class B ordinary shares initially purchased by our Sponsor in a private placement prior to our initial public offering,
and the shares of our Class A ordinary shares issued upon the conversion thereof; and (iii) “Sponsor” are to Blue Water Acquisition
III LLC, a Delaware limited liability company. The following discussion and analysis of the Company’s financial condition and results
of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this report. Certain
information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special
Note Regarding Forward-Looking Statements

This
quarterly report, including statements under this “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” includes forward-looking statements. These forward-looking statements include