Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 210

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 210
---
) held                                                                                                                                                                                                                                                                                                    
 by sponsor. The purchase of the non-managing sponsor membership interests is not contingent upon their participation in this                                                                                                                                                                                                                                                                                         
 offering or vice versa. The non-managing sponsor investors are not granted any shareholder or other rights in addition to those afforded                                                                                                                                                                                                                                                                             
 to our other public shareholders, and will only be issued membership interests in the sponsor, with no right to control the sponsor                                                                                                                                                                                                                                                                                  
 or vote or dispose of any securities held by the sponsor, including the founder shares held by the sponsor.                                                                                                                                                                                                                                                                                                          |

Immediately after this offering, our initial shareholders will beneficially own 20% of the then issued and outstanding ordinary shares (assuming they do not purchase any units in this offering and excluding the Class A ordinary shares comprising part of the private placement units and the Class A ordinary shares underlying the private placement warrants issued to the sponsor). Prior to the closing of our initial business combination, only holders of our Class B ordinary shares will be entitled to vote on the appointment and removal of directors or continuing the company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Because of this ownership block, our initial shareholders may be able to effectively influence the outcome of all other matters requiring approval by our shareholders, including the appointment of directors or continuing the company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands), and approval of significant corporate transactions including our initial business combination.

| 147 |

Sponsor Ownership

The following table sets forth information regarding the beneficial ownership of interests in Blue Water Acquisition III LLC, our sponsor, by members of our management team and each person who is the beneficial owner of more than 5% of its membership interests. No other person has a direct or indirect material interest in our sponsor:

|                          |     | Class A Units(2) |           |     |               |      |   |     | Class B Units(3) |        |     |               |      |   |
| Name of Beneficial Owner |     | Number of        
 Units            
 Beneficially     
 Owned            |           |     | Approximate   
 Percentage of 
 Outstanding   
 Units         |      |   |     | Number of        
 Units