Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 24

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 24
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the closing of the initial Business Combination and (ii) $0.05 per Unit sold in the Initial Public Offering will be payable to BTIG,
LLC in cash (the “Allocable Amount”), provided that the Company and the Sponsor have the right, in the Company and the Sponsor’s
discretion, to reallocate any portion of the Allocable Amount to third parties not participating in the Initial Public Offering (but
who are members of FINRA) that assist the Company in consummating the initial Business Combination.

Note
8 — Shareholders’ Deficit

Preference
Shares — The Company is authorized to issue a total of 5,000,000
preference shares at par value of $0.0001
each. At September 30, 2025 and December 31, 2024, there were no
preference shares issued or outstanding.

Class
A Ordinary Shares — The Company is authorized to issue a total of 485,000,000
Class A ordinary shares at par value of $0.0001
each. At September 30, 2025 and December 31, 2024, there were 683,000
and no shares of Class A ordinary shares issued and outstanding, respectively, excluding 25,300,000
and no shares subject to possible redemption, respectively.

Class
B Ordinary Shares — The Company is authorized to issue a total of 10,000,000
Class B ordinary shares at par value of $0.0001
each. On December 3, 2024, the Sponsor had initially purchased 5,750,000
Class B ordinary shares for $25,000,
or $0.0004
per share. On June 9, 2025, the Company issued an additional 575,000
Class B ordinary shares to the Sponsor through a share capitalization for no additional consideration, resulting in 6,325,000
Class B ordinary shares issued and outstanding. Accordingly, as of September 30, 2025 and December 31, 2024, there were 6,325,000
and 5,750,000 Class B ordinary shares were issued and outstanding, respectively.

The
founder shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion
will not have any redemption rights or be entitled to liquidating distributions from the Trust Account if the Company fails to consummate
an initial Business Combination) concurrently with or immediately following