Company: BLUWU
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001641172-25-012302
Chunk: 226

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-05-23
Form: S-1/A
Chunk 226
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 our initial business combination
within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business
combination activity. Further, if we seek shareholder approval, we will complete our initial business combination only if we obtain the
approval of an ordinary resolution under Cayman Islands law and our amended and restated memorandum and articles of association. In such
case, our sponsor and management team will agree to vote their founder shares, private placement shares included in any private placement
units and any public shares purchased during or after this offering in favor of our initial business combination. Otherwise, the private
placement units are identical to the Class A ordinary shares sold in this offering.

In order to fund working
capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor, affiliates
of our sponsor or our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such
loans may be convertible into private placement units of the post business combination entity at a price of $10.00 per unit at the option
of the lender. The private placement units issued upon conversion of any such loans would be identical to the private placement units
sold in a private placement concurrently with this offering.

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Ordinary Shares

Prior to the date of this prospectus, there were 5,750,000 Class B ordinary shares outstanding, all of which were held of record by our initial shareholders, so that our initial shareholders will own 20% of our issued and outstanding shares after this offering (assuming our initial shareholders 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). Up to 750,000 of the founder shares will be surrendered for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. Upon the closing of this offering, 25,600,000 of our ordinary shares will be outstanding (assuming no exercise of the underwriters’ over-allotment option and the corresponding surrender for no consideration of 750,000 founder shares) comprising:

| ● | 20,000,000                                                                            
 Class A ordinary shares comprising part of the units issued as part of this offering; |
| ● | 600,000                                                                               
 Class A ordinary shares comprising part of the private placement units; and           |
| ● |