Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 9

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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 Trust Account. Class B ordinary shares are the founder shares
which do not have redemption rights on the amounts held in the Trust Account. Redeemable Class A ordinary shares are the Class A ordinary
shares underlying the Units issued at the Initial Public Offering and have redemption rights to the amounts held in the Trust Account.

The
Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share”. The condensed statements
of operations include a presentation of income (loss) per redeemable Class A ordinary shares and income (loss) per non-redeemable Class
A ordinary shares and Class B ordinary (“non-redeemable ordinary shares”) shares following the two-class method of income
(loss) per ordinary shares. In order to determine the net income (loss) attributable to both the redeemable Class A ordinary shares and
non-redeemable ordinary shares, the Company first considered the total income allocable to both classes of ordinary shares. This is calculated
using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement
of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public shareholders. Subsequent to
calculating the total income (loss) allocable to both classes of ordinary shares, the Company split the amount to be allocated using
the weighted average shares outstanding ratio for the redeemable Class A ordinary shares and for the non-redeemable ordinary shares for
the three and nine months ended September 30, 2025.

    8

The
Company has not considered the effect of the 12,650,000 Public Warrants or 341,500 Private Placement Warrants in the calculation of diluted
net income (loss) per share, since the exercise of such warrants are contingent upon the occurrence of future events and the inclusion
of such warrants would be anti-dilutive.

The
following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per ordinary
share for each class of ordinary shares for the three months ended September 30, 2025:

 Schedule
of Basic and Diluted Net Income (loss) Per Ordinary Share 

    For the Three Months Ended 

    September 30, 
2025 
  
    Net income 
    $2,292,067 
  
    Less: Remeasurement of Class A redeemable shares to redemption value 
     (2,715,