Company: BACC
Filing Date: 2025-03-26
Form Type: DRS
Source: 0001185185-25-000217
Chunk: 147

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-03-26
Form: DRS
Chunk 147
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 is prior to any forfeiture of founder shares and as adjusted amount assumes no exercise of the underwriters’ over-allotment 
 option and surrender of an aggregate of 790,425 founder shares.                                                                          |

<div align='center'>95

Management’s discussion and analysis of
financial condition and results of operations</div>

Overview

We are a blank check company incorporated on February 10, 2025 as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We may pursue an initial business combination in any business or industry. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the private placement of the private placement units, the proceeds of the sale of our shares in connection with our initial business combination (pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, other securities issuances, or a combination of the foregoing.

The issuance of additional shares in connection with a business combination to the owners of the target or other investors:

| ● | may                                                                                                                                   
 significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions 
 in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-for-one basis upon           
 conversion of the Class B ordinary shares;                                                                                            |

| ● | may                                                                                                                               
 subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded 
 our Class A ordinary shares;                                                                                                      |

| ● | could                                                                                                                                    
 cause a change in control if a substantial number of our Class A ordinary shares are issued, which may affect, among other things,       
 our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers 
 and directors;                                                                                                                           |

| ● | may                                                                                                                                      
 have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a